Thursday, 29 November 2012

France.. The real weak link in the inner eurozone chain

The CAC40 daily chart
A few weeks ago in the UK several hundred steel workers were laid off when Tata Steel closed several sites in the Wales,UK

SO imagine my chagrin when i read and heard the developing story over the last few days here in France about the proposed closure of 2 blast furnaces at a steelworks in NE France. There was general out pouring of socialist venom in the French press and media saying that AM did not respect France and that Hollande would force a compulsory purchase and nationalisation of the site and expel Mr Mittal!. Monsieur Mittal would be well off out of it in my opinion! and considering he employs a total of 20,000 French workers one has to wonder why he should accept such treatment ? There is a tangible anti big business sentiment growing here in France where many/most workers simply see large companies as a way to provide employment/pensions and contribute taxes towards the state coffers and vast needs for its generous social benifits.Profit does not some into it and many of them would prefer it didnt.

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