FRANCE is to scrap two bank holidays to help its economy – but risks intense public scrutiny for doing so.
Despite the move being perceived as drastic by the French, the leisure-loving nation still have more bank holidays than England and Wales – even after the cut.
AFPFrance’s Prime Minister Francois Bayrou has announced France may rid two bank holidays[/caption]
GettyThe leisure-loving nation still have more bank holidays than England and Wales – even after the cut[/caption]
GettyThe plan – looking to relieve potentially “lethal debt” for France – was announced by the unpopular Prime Minister Francois Bayrou[/caption]
The plan – looking to relieve potentially “lethal debt” for France – was announced by the unpopular Prime Minister Francois Bayrou.
He believes the country’s economy is able to recover through more work, an increase in taxes and less welfare – causing uproar.
Two of the 11 bank holidays France have would be scrapped, with Bayrou’s current favourites to go being Easter Monday and VE Day – but he’s open to ridding others instead.
Despite the potential scrap, France would still have more than England and Wales, which have just eight bank holidays a year.
Bayrou warned that France faced the sort of economic shame endured by Greece when the country was forced to ask the EU and International Monetary Fund for help in 2010.
The French PM said as he announced plans to make savings of 43.8 billion euros in next year’s budget: “That is exactly what we don’t want, and that is why this is our moment of truth.”
Bayrou explained how the dramatic move was the “last stop before the cliff edge” for France facing “lethal danger” – eye-watering, 3.3 trillion euro debt.
President Emmanuel Macron has been accused of leading the country into the economic chaos by initially failing to tackle the deficit.
Critics have now labelled France as the “sick man of Europe” – taking the crown off Germany.
But doubts have already been expressed on Bayrou’s ability to implement his questionable scheme while there’s a hung parliament and predicted unrest to come.
It’s thought he may need to climb down from the intense plan – or face seeing his government collapse in a no-confidence vote in a few months.
Bayrou sits as the least popular prime minister in France’s recent history, with the economic plan now potentially making his approval ratings worse.
He also seemed to point the finger at the leisurely French, who he said worked less than their European neighbours and needed to pick up the slack.
Germany are also considering ridding bank holidays to fix their own finances, but some experts have found no evidence that it improves economic growth.
Bayrou also spoke of reforming France’s unemployment benefit system, alongside a clampdown on its healthcare – potentially putting up the price of medicine.
The prime minister looks to reduce the deficit through a four-year plan – from 5.8 per cent last year to 4.6 per cent in 2026, and eventually 2.8 per cent in 2029.
France has managed to develop the world’s highest tax burdens and a global trade deficit on goods that reached an eye-watering 83 billion euros last year.
Leader of the populist right National Rally Marine Le Pen joined in on the uproar over the plan, which she said featured 20 billion euros of “taxes and deprivations”.
Meanwhile General secretary of the leftist Confédération Générale du Travail, Sophie Binet, slammed Bayrou’s suggestion to get rid of the VE Day bank holiday.
She said the holiday was “extremely serious”.
What happened to Greece in 2010?
By Annabel Bate, Foreign News Reporter
In 2008, the world was launched into a global recession, suffering the worst financial crisis in close to 80 years.
European countries amounted gargantuan government debts, but Greece was hit the worst.
The country had borrowed more money than it was able to produce in revenue via taxation.
And in 2010, the country revealed its deficit to the rest of the globe – and was quickly frozen out of bond markets.
In economic humiliation, Greece asked for a financial rescue from the EU as well as the International Monetary Fund.
Emergency loans that looked to recover sinking economies – bailouts – started in 2010.
Greece received three packages totalling an eye-watering £259 billion – but came with severe measures.
Riots erupted on the streets after enduring severe spending cuts and high taxes as salaries were slashed as well as pensions.
Over 400,000 people emigrated.
And in 2013, the unemployment rate was at a high 27.5 per cent.
For citizens under 25, it was an overwhelming 58 per cent.
Fears also loomed that the eurozone would collapse alongside Greece.
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