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Tuesday, January 29, 2013

Bursting of the socialist bubble

A number of Labour figures and supporters have pointed to the example of President Francois Hollande's France as a viable plan B for the British economy. They may well be having second thoughts today as newspapers report that far from being a socialist paradise, our European neighbours are in fact verging on bankruptcy.

The Independent say that the whole of France was left stunned and shocked yesterday after their employment minister, Michel Sapin has admitted during a radio interview that his country is “totally bankrupt”.

However, the Government do not seem to be completely united on this as Pierre Moscovici, France's finance minister, immediately tried to play down Mr Sapin's comments, saying they were 'inappropriate' and adding that: “France is a really solvent country. France is a really credible country, France is a country that is starting to recover.”

The paper adds that the statement calls into further question Hollande’s controversial “tax and spend” policies that have seen numerous entrepreneurs and high profile celebrities leave the country.   Whatever the truth, it is not a good advert for Ed Miliband's and Ed Ball's alternative to the programme currently being followed by the UK Government.
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