France may be in worse shape than Germany or Britain. From Thomas Kolbe at zerohedge.com:
What is now unfolding in France may soon drag the entire Eurozone into deep turmoil. The country is staggering through a fiscal crisis while locked in a political stalemate that seems impossible to break. In the bond market, the clock is ticking loudly as France’s public debt spirals out of control.
This week, Prime Minister Sébastien Lecornu celebrated a textbook Pyrrhic victory. On Tuesday, the National Assembly narrowly approved his draft for next year’s social budget. But the win came at a steep price: sweeping concessions that will only worsen an already explosive fiscal situation.
Strange coalitions
With 247 votes in favor, 234 against, and 93 abstentions, the Assembly passed a plan projecting a €20 billion deficit in the social budget – significantly worse than the originally planned €17 billion. Marine Le Pen’s party and the far-left bloc around Jean-Luc Mélenchon both rejected the proposal.
It is surreal: political gridlock has driven France into a place where the far-left and the right vote together – and collectively push the government toward collapse. For President Emmanuel Macron, this could soon mean assembling yet another fragile government, as there is no indication France can lift itself out of its catastrophic stalemate.
The bill now moves to the Senate, where the governing coalition holds a majority. It will likely pass without major obstruction. On December 23rd, the Senate begins negotiations for the 2026 budget. It may provide drama, but no one seriously expects the political blockade to change.
The inbred “elites” know the egalitarian workers utopia will never work.
Fwance is nuke armed and the clown horns sound when replacements get a hold of nukes.
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