LONDON // The tax-and-spend policies of France's socialist government are threatening to wreck the euro zone's attempts to emerge from crisis, according to a growing army of critics of Francois Hollande's fledgling presidency.
In the most damning verdict on French efforts to reduce national debt and tackle high labour costs, the German newspaper Bild ran a recent headline asking: "Is France the New Greece?"
German officials have echoed the tone of such attacks, expressing concern at Mr Hollande's "superficial" measures to bring his country's economy under control.
The German finance minister, Wolfgang Schaeuble, felt obliged this week to deny reports that his government had ordered a panel of economic advisers to examine French economic policy.
He did, however, suggest a joint Franco-German exercise in which "experts within a broader exercise" could examine the economic traditions of both countries.
Concern over Europe's economic state extends from officials to the workplace. Workers demonstrated or went on strike in more than 20 countries yesterday to protest against austerity measures, causing some disruption in transport.
In France, the euro zone's biggest economy after Germany, there has been controversy over signs that the wealthy may be taking flight to avoid tax rises, including a levy of 75 per cent on annual earnings above €1 million (Dh4.67m).
The multi-billionaire French tycoon Bernard Arnaud, Europe's richest man, has applied for citizenship in Belgium, where the tax regime is friendlier.
The Brussels media have also reported that the French actor, Gerard Depardieu, has bought a house in Nechin, a small town close to the French border where a number of French tax exiles own homes.
Mr Arnaud, who controls the LVMH luxury goods empire, is adamant he will continue to pay taxes in France. Depardieu - a supporter of the conservative ex-president, Nicolas Sarkozy, and famous for his roles in Green Card and Cyrano de Bergerac - has yet to comment.
Whatever the case, speculation about their fiscal arrangements has angered the French public as factory closures and rising prices affect their daily lives.
While France is hardly alone in having to weather the crisis, right-wing commentators, at home and abroad, have seized gleefully on Mr Hollande's problems.
Toby Young, a columnist for Rupert Murdoch's British newspaper, The Sun on Sunday, described the French economy as a "basket case", with people "leaving the country in droves".
On Tuesday night, Mr Hollande went on French television to ask the electorate to judge him on his five-year presidency, not on short-term "mood swings". His words, predictably, left the conservative French opposition scornful.
Jean-Francois Cope, a candidate in Sunday's election of the president of the Union for a Popular Movement (UMP), said Mr Hollande had failed to reassure.
He told RMC radio he understood German concerns and claimed Mr Hollande was "in the process of bringing us down" after being elected on a programme of lies.
"He said he would renegotiate the EU treaty - he did not," said Mr Cope. "He said he would not touch the VAT - he did, massively. He gave a lot of moral lessons and the result after six months is complacency and lack of courage. "
The president's public standing is poor, with an approval rating that has dipped as low as 36 per cent, according to opinion polls.
The portrayal of his country as a "sick man of Europe" was reinforced this month in comments by a German economist, Lars Feld.
"The biggest problem at the moment in the euro zone is no longer Greece, Spain or Italy," he said. "Instead, it is France, because it has not undertaken anything to truly re-establish its competitiveness, and is even heading in the opposite direction.
"France needs labour-market reforms. It is the country among euro-zone countries that works the least each year, so how do you expect any results from that?"
But Mr Hollande said during his broadcast that he and the German chancellor, Angela Merkel, had spoken to each other frankly but did not "teach each other lessons because Franco-German relations aren't based on lessons, except perhaps on the lessons of history".
However, he did appear to accept some criticism of France, adding: "More than others, we have to prove our seriousness and our competitiveness, more than Germany, and that's what we are doing ... the recovery will take time but I believe we can succeed. I want young people to be living better in five years' time."
Jacques Reland, the left-leaning head of European research at the Global Policy Institute in Paris, said yesterday that French economic woes had been "wildly exaggerated".
"From day one or two, Mr Hollande has faced opposition attacks as if he was not a legitimate holder of power," he said. "There is constant criticism in Germany, while the French press attacks him relentlessly both for being inactive and then for every action he takes."
Mr Reland described comparison with Greece as absurd and also dismissed persistent speculation that despite repeated bailouts, Greece's departure from the euro zone remained inevitable.
"If they were to leave, the damage to growth in Europe would be enormous," he said. "And then why should Spain or Portugal or Italy not follow?"
foreign.desk@thenational.ae
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
UAE currency: the story behind the money in your pockets
((Disclaimer))
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20profile
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'Cheb%20Khaled'
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UK%20-%20UAE%20Trade
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY%20PROFILE
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
COMPANY%20PROFILE
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more from Janine di Giovanni
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
COMPANY%20PROFILE
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
The%20Mother%20
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Company%20Profile
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com