Article

2024-07-12 Europe

France 'on the brink of financial meltdown' as 'rich to flee country over 90 percent tax'

[THE-EXPRESS] La Belle France is on the verge of a "financial crisis" and consequent economic decline after the surprise success of a hard left coalition in this weekend’s elections, the country’s outgoing finance minister Bruno Le Maire has warned.

Speaking on the political situation, UK-based banking expert Bob Lyddon has told Express.co.uk the result signals an end to Emmanuel Macron’s policy of "controlling debt and public spending", warning the inevitable "deadlock" is no better than a victory for Marine Le Pen’s far-right National Rally.

In a possible hint at future chaos, riot police clashed with left-wing demonstrators in Gay Paree on Sunday evening.

The hastily assembled Popular Front (NFP) - spearheaded by left-wingers including former Presidential candidate Jean-Luc Melenchon - is pledging to increase public spending by £125 billion if they successfully form a government.

They have also proposed a 90 percent tax on incomes over £340,000 a year - but Mr Le Maire suggests such a move could cost more than £250 billion with La Belle France already saddled with a budget defunct of 5.5 percent.

The Finance Minister explained: "The most immediate risk is a financial crisis and La Belle France's economic decline.

Posted by Fred 2024-07-12 00:00|| || Front Page|| [11135 views ] Top

#1 For what it's worth, I haven't seen any protests at the Tour de France this year, at least to this point. That could change but not likely in the mountain stages coming up this weekend (Pyrenees) and later on next week (Alps), as there tends to be too many normal people ready to counter them and I've only seen protests on flat stages, even the ones by the farmers from 10 - 20+ years ago.

Posted by Raj 2024-07-12 00:26|| 2024-07-12 00:26|| Front Page Top

#2 Weathly (or, just common-sensical) French have moved to southern (French-speaking) Wallonia to escape French taxes for years. I wonder if that'll increase.

This Melenchon putz...just another millionaire Socialist. Aren't they all? I mean, just ask Bernie. And Lizzie.

Posted by DooDahMan 2024-07-12 08:15|| 2024-07-12 08:15|| Front Page Top

#3 Macron & La Pen CAN form a governing coalition.

Posted by grom the introspective 2024-07-12 08:21|| 2024-07-12 08:21|| Front Page Top

#4 Yes, they can, but WILL they? Every time Le Pen runs, the other parties gang up just to shut her out. But her party got quite a few more seats, if I recall correctly.

Posted by DooDahMan 2024-07-12 08:34|| 2024-07-12 08:34|| Front Page Top

#5 Damn. Does this mean the French Feministas won't be dancing topless anymore?

Posted by Mercutio 2024-07-12 09:05|| 2024-07-12 09:05|| Front Page Top

#6 Elle and the Pocket Belles. Not topless but pretty and a great 40's swing vibe.

Posted by Warthog 2024-07-12 09:33|| 2024-07-12 09:33|| Front Page Top

#7 #4 In Israeli elections every party accuses all the others of all imaginable mortal sins - and then they form a coalition.

Posted by Grom the Reflective 2024-07-12 12:07|| 2024-07-12 12:07|| Front Page Top

#8 Now that France has gone Commie, are they out of NATO?

Posted by Regular+joe 2024-07-12 14:20|| 2024-07-12 14:20|| Front Page Top

#9 Its all fun and games until they run out of other people's money.

Posted by Crusader 2024-07-12 20:27|| 2024-07-12 20:27|| Front Page Top

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