Another secret foreign bank account scandal

April 8th, 2013 at 12:00 pm by David Farrar

The Herald reports:

Radicals both right and left are sensing that ’s political tide is rising in their favour, driven by a President plumbing record unpopularity less than a year after taking office.

Francois Hollande, a Socialist already under fire for economic mismanagement, is bogged down in a scandal unleashed by his Budget Minister, Jerome Cahuzac.

Svelte and smooth-tongued, Cahuzac had been leading Hollande’s campaign to fill the state’s coffers by raising taxes, urging citizens to pay their fiscal dues as “solidarity” towards others.

Last week, Cahuzac quit after admitting he had had a secret bank account in Switzerland for decades.

is lucky he remembered about his foreign bank account while he was Opposition Leader. Imagine the impact if he been a Minister or Prime Minister and it emerged.

Hollande romped to the presidency on May 6 on campaign promises to govern France competently, fairly and cleanly. He declared he would roll back unemployment, meet the EU’s targets on borrowing and, after decades of scandals embroiling both left and right, give France an “exemplary” government.

Today, his approval rating stands at only 27 per cent, the lowest of any president in modern French history at such an early point in his tenure.

Unemployment has risen like an express lift, affecting 3.188 million people, or nearly one in nine of the workforce – a tad short of a record set in 1997.

The budget deficit is 4.8 per cent of GDP, compared to Hollande’s pledge, since abandoned, to meet the EU’s limit of 3 per cent last year.

Public debt rose in 2012 to an astronomical 90.2 per cent of GDP, compared with 85.8 per cent in 2011 – and Hollande’s own target of 89.9 per cent.

Socialism doesn’t work. He’s hiked taxes and spending, and I think Labour’s housing plan is based on his pledge to build 500,000 homes a year.

To get some idea of how unpopular he has become, Reuters reports that National Front Leader Marine Len Pen has a higher approval rating than Hollande.

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11 Responses to “Another secret foreign bank account scandal”

  1. krazykiwi (9,189 comments) says:

    Imagine the impact if he been a Minister or Prime Minister

    If Shearer was PM we’d have more to worry about than his skeletons.

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  2. krazykiwi (9,189 comments) says:

    To get some idea of how unpopular he has become, Reuters reports that National Front Leader Marine Len Pen has a higher approval rating than Hollande

    It’s the face :)

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  3. Cunningham (829 comments) says:

    NZ take note of what we would be in for with a Labour/Greens government!

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  4. Kleva Kiwi (281 comments) says:

    Shock horror! Socialism dosn’t work!!!!
    Now all we need is for Liabour to understand this simple fact… Yeah Right (Tui Billboard)

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  5. labrator (1,849 comments) says:

    If you campaign on being popular in a time of economic turmoil failure should be expected imminently.

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  6. virtualmark (1,522 comments) says:

    But good luck getting French voters to accept and support any of the sensible steps you’d have to take towards a balanced budget.

    France is the real sick man of Europe. My take is sometime in 2015 or 2016 it’s all going to come crashing down in a heap. And France is going to be too big to bail out.

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  7. Manolo (13,517 comments) says:

    Hollande and his socialist stooges deserve every bit of opprobium.

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  8. Tautaioleua (292 comments) says:

    The problem with socialism is that you eventually run out of other people’s money :-)

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  9. Kimble (4,417 comments) says:

    He declared he would roll back unemployment, meet the EU’s targets on borrowing and, after decades of scandals embroiling both left and right, give France an “exemplary” government.

    Just like leftist government everywhere, the goals of the policy are more important than the policy itself.

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  10. All_on_Red (1,489 comments) says:

    Virtualmark,
    Agree entirely. France is well on the slippery slope to ruin. I don’t think they have had a budget surplus for 60 years!
    2014/15 is probably about right. Its all over for the Euro.
    If UKIP does well in the UK election the UK will be out of the Eurozone very quickly.

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  11. burt (8,036 comments) says:

    Oh DPF – you make me laugh;

    Last week, Cahuzac quit after admitting he had had a secret bank account in Switzerland for decades.

    David Shearer is lucky he remembered about his foreign bank account while he was Opposition Leader. Imagine the impact if he been a Minister or Prime Minister and it emerged.

    Like any MP ever quits in NZ… Move on… That’s all Labour leaders ever say… Come on … Keep up DPF ;-)

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