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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