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ECONOMICS > French economy more worrying than Greece, says German economist

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A file picture taken on February 29, 2009 in a Pole Emploi agency, France's employment agency in Dijon, eastern France, shows an employee giving assistance to a jobseeker. The number of registered French unemployed rose by 43,000 in January 2013 to 3.16 million, the labour ministry said on February 26, to just shy of a 16-year record. AFP PHOTO / JEFF PACHOUD

A file picture taken on February 29, 2009 in a Pole Emploi agency, France's employment agency in Dijon, eastern France, shows an employee giving assistance to a jobseeker. The number of registered French unemployed rose by 43,000 in January 2013 to 3.16 million, the labour ministry said on February 26, to just shy of a 16-year record. AFP PHOTO / JEFF PACHOUD

Germany is more concerned about the situation of the French economy than Greece, a prominent German economist and business journalist, Ursula Weidenfeld, has said in an interview with French weekly news magazine Le Point.

Rising unemployment, the misguided approach of French politicians, and the possible time needed for the recovery of the second largest industrial power in Europe, are of particular concern for Germany, Weidenfeld said, adding that the risk of strikes and the price of the labor force was too high in France.

"French President François Hollande's greatest fault is to have promised his electors that they could preserve certain privileges, despite knowing that it is not possible," she said.

When asked about the fortune tax introduced by the French government, which has led to the renowned French actor Gerard Depardieu quitting for Russia, Weidenfeld said the tax would have the serious consequence of pushing great entrepreneurs out of France.

France has lost its industrial base in the last a few years, Weidenfeld added.

Ursula Weidenfeld is editor-in-chief of business magazine Impulse, and is known for her proximity to German Finance Minister Wolfgang Schauble.

February/27/2013

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john albay

2/28/2013 6:36:37 PM

@dorus it is because the illegal immergrants believe every thing is better in the golden west and when they get their they find out it is better for them to have stayed in their own countries. Also the west still gives them hand outs which is more than they get in their own countries. You greeks have a mega problem with the illegals,but they still seem to want to stay,perhaps you give them to much money,or they dont want to lose face by going home empty handed. Please tell us your ideas.

DORUS LIVIS

2/28/2013 3:11:58 PM

my question is: if Europe is bankrupt why the hordes of illegal immigrants don't stay in Turkey but prefer to come to Europe via Greece?

andrea dealmagro

2/27/2013 8:33:32 PM

Germany's GDP contracted .6% vs. France .3% in last qtr 2012 and average GDP growth was 1.3% for Gr. and 1.85% for Fr. UK, Germany and US are for cutting debt and squeezing workers during soft economy while France wants more growth-oriented policy, same to what Turkey has been doing. We have to wait to see how 2013 develops. But workers are the internal market and if they have no money, economy goes south. Overall the French, I think, have a better balanced approach.

john albay

2/27/2013 5:37:53 PM

well where are the greek/greek cypriot posters who tell us how great the French economy is,and how bad and backward Turkey is!! Well it seems that the posters were wrong(as usual) and I stand by my post france has a great debt problem and is going Bankrupt!! I dont think even the germans can afford to bail out the French.
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