Alvaro Vargas Llosa | France: Rebellion of the CEOs

You know a European country is in trouble when its business leaders complain  about government spending and taxes. You know it’s seriously in trouble when it  happens in France, whose business elites are more left-wing than the left.

Nearly 100 French CEOs, among them the heads of Accor, the hotel chain, Air  France, Carrefour, L´Oréal, Peugot, Siemens, SociétéGénerale and Veolia, the  giant waste and water utility, are urging socialist President Francois Hollande  to reduce government spending by 60 billion euros (about $76 billion) over the  next five years, and reduce payroll taxes by 30 billion euros over the next two  years. The cost of government, they say, has reached “the limits of what is  bearable.”

They also are asking Hollande to undo the suffocating  regulations that have made research and development too costly, that  unrealistically limit carbon emissions, and have curtailed development of shale  gas in France.


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