Friday, July 31, 2009

IMF Pessimistic on France

The IMF's outlook for France is more pessimistic than the French government's. Growth above 2% will not return until 2013, according to the IMF. That could complicate Sarkozy's 2012 re-election campaign. Of course, since his opponent could well be the head of the IMF, one might want to look at these numbers with a skeptical eye.

The IMF staff report is available here.

New Fabris Action Is Over

The workers at New Fabris have voted overwhelmingly to suspend their movement and end their threat to blow up the plant if they didn't get the indemnity of 30,000 euros they were asking for. They did get 12,000, up from the government's initial offer of 11,000. This is in addition to the legally mandated severance pay of 17,500 to 19,000 euros.