That may be true, says Nicolas Doze, an economic commentator with a popular French business channel. But without major reforms, Doze says the European Union will not be able to maintain its vision of a kinder, gentler way of life.
Mr. NICOLAS DOZE (Economic Commentator): (Through Translator) Our social system in France, alone, has accumulated more than 100 billion euros in debt, and it just isn't viable anymore. Today it survives thanks to one thing: France's AAA credit rating and our ability to keep borrowing to pay for the social programs.
BEARDSLEY: Doze says the Greek debt crisis has pushed European governments to do more to reduce spending in the last 10 weeks, than they have in the last 10 years. The markets have put a revolver to our head, he says.
Someone alert Paul Krugman!
1 comment:
Alert him to what? Exploding French bond yields?:
http://www.businessweek.com/news/2010-05-20/german-french-bond-yields-at-record-lows-spanish-debt-slides.html
Although this story is a bit dated, it still holds true today for the most part. The markets are definately not holding a gun to the heads of the French.
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