Analysis: The Eurozone Debt Crisis looms over the French Presidential Elections

by Colonel on April 7, 2012

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“But without any detail on spending cuts, it was new taxes and spending pledges that caught the eye – notably the longstanding promise to reverse partially Mr Sarkozy’s flagship pension reforms by allowing those with 41 years of contributions to retire at 60, not 62.

Overall, Mr Hollande’s programme includes €20bn of new spending, offset by a range of tax increases, including his now famous proposal for a 75 per cent marginal rate on incomes above €1m.

Mr Sarkozy’s manifesto includes €9.5bn of his own tax cuts and spending proposals. This week he outlined figures showing spending cuts would make up more than 60 per cent of the €125bn savings needed to meet his target of eliminating the budget deficit by 2016 – while Mr Hollande’s proposals envisage a balance between cuts and taxes.” — Hugh Carnegy, Copyright 2012 The Financial Times Ltd

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