Posted on 05/10/2012 11:20:49 AM PDT by Olog-hai
French president-elect François Hollande aims to make it financially painful for healthy firms to fire workers and will "arm wrestle" big employers like General Motors to force them to take a more "moral" approach, a senior adviser said on Thursday.
Hollande, who takes office on May 15, said before his election victory on Sunday he would seek to impose financial penalties on profitable companies that announce layoffs only in order to improve their share price.
With mass layoffs anticipated at firms including retailer Carrefour and carmakers General Motors (GM) and PSA Peugeot-Citroen, Hollande's adviser, Michel Sapin, said the president-elect would seek to apply his pledge quickly.
Sapin, who is tipped as a possible prime minister or finance minister, told France Inter radio that, short of a ban, the goal would be to make it "extremely expensive" for firms to shed workers to boost their share price.
GM said on Wednesday it would consider closing a factory in Strasbourg in eastern France, and PSA Peugeot Citroën is seen closing a large production site north of Paris this year. …
The feared shutdowns would compound the economic woes facing Hollande. He has pledged to temper austerity in Europe, create 150,000 state-aided jobs and try to reverse an upward trend in joblessness, currently near 10 percent, during his 5-year term.
The Socialist takes over from Nicolas Sarkozy at a time of resurging fears of Greece leaving the eurozone, stuttering growth and, on Thursday, data showing that industrial output fell more sharply than expected in March. …
(Excerpt) Read more at reuters.com ...
Geez, I need to slow down the typing, to many typos.
You would think that the industry would pack up and leave. They will hang in there if they can still make a profit.
Otherwise, it is offshore... to Asia. A bit of irony here — wonder if the Chinese are less of a pain than the French government.
The scary thing is that if Hollande were POTUS and did this I think his popularity polls would start coming in extremely high.
These businesses who supported this “uber socialist” will call-in favors to keep themselves from the tyranny sure to become reality when a country would rather spend what they haven’t, yet are delusional enough to think they have any hope of being solvent in the future. Just like CA, NY, IL, to name a few. These socialist/communist will keep the games going till it ends, then it will get really ugly when the succubus French find themselves digging in the trash for McDonalds burgers and fries. Couldn’t happen to a better bunch of ignorant European socialist sheeple.
As I understand it, this is the basic reason why unemployment is the way it is in France and likely, other socialist countries. They just don't have common sense in the way their governments operate.
they probably will. Mort la France...
This is very bad for young employees as they have no job security at all.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.