France: Hollande Backs Away from Stimulus Promises


While the Socialist government of French President François Hollande unveiled a budget last week that included higher taxes on large corporations and a 75-percent tax bracket for the super-rich, there were also major reductions in public spending, marking a turn away from the kind of stimulus spending Hollande had promised during his campaign to help stimulate job creation. Hollande, it appears, is conceding at least in part that France cannot spend its way out of this recession.


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