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Hollande floats 120-billion ($152.6 billion) 'European growth pact' (vive le socialisme?)
EurActiv ^ | 18 June 2012 | (EurActiv.com with Reuters)

Posted on 06/18/2012 2:53:05 AM PDT by Olog-hai

French President François Hollande wants the European Union to agree before the end of 2012 on growth-boosting measures worth €120 billion, putting him on a collision course with German Chancellor Angela Merkel who has ruled out further spending to restart Europe's ailing economy.

The money is to come from a combination of short-term growth instruments such as project bonds, reallocated EU structural funds and fresh investment capital from the European Investment Bank (EIB), according to the weekly Journal du Dimanche on Sunday (17 June).

The paper cited a proposal circulated by France ahead of an EU summit on 28-29 June, which is expected to agree a growth agenda as well as a longer-term road map for greater fiscal and economic integration in the eurozone.

The newspaper also reported that France has accepted Germany's rejection of its call to issue mutualized debt in the euro bloc and now agreed that so-called euro bonds were a project to be looked at over a 10-year time frame.

Hollande submitted his ideas to EU partners and the European Council a few days ago ahead of a Group of 20 summit in Mexico on Monday and Tuesday and four-way talks with the leaders of Germany, Italy and Spain in Rome on Friday.

"From June, the European Council should adopt growth measures having a rapid impact and totaling €120 billion," the newspaper cited Hollande as saying in the document, entitled "European growth pact."

Hollande said the measures should be enlarged upon before the end of 2012 with the creation of a financial transaction tax and measures to create jobs, especially for young people. …

Hollande has put himself on a collision course with the German government, however, with his push for the eurozone to adopt new mechanisms to insulate member states and their banks from market turmoil, such as a joint fund to pay down debt. …


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; Government
KEYWORDS: eussr; france; growthpact; hollande

1 posted on 06/18/2012 2:53:19 AM PDT by Olog-hai
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To: Olog-hai

The problem with socialism is that eventually you run out of other peoples money - Margaret Thatcher


2 posted on 06/18/2012 3:47:15 AM PDT by FatherofFive (Islam is evil and must be eradicated)
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To: Olog-hai
"European growth pact."

It has nothing to do with "growth." It's all smoke and mirrors, punitive taxes, redistribution of wealth, issuing worthless bonds, kicking the can further down the road. An epic failure to simply acknowledge government as the source of the problem.
3 posted on 06/18/2012 4:12:15 AM PDT by PowderMonkey (WILL WORK FOR AMMO)
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To: FatherofFive

They had a euro summit in mexico? No wonder they’re broke


4 posted on 06/18/2012 4:20:18 AM PDT by jneesy (rough seas make skillful sailors)
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To: PowderMonkey

“Growth” is the new buzzword for growth in Government and/or Government management of the economy.


5 posted on 06/18/2012 4:27:06 AM PDT by rbg81
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To: Olog-hai

So it’s time to repay the goons that put him in......


6 posted on 06/18/2012 4:27:34 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: PowderMonkey

European growth pact is European government growth pact.

France is thumbing their nose at Germany.
They are showing no signs of easing their spending and Germany is getting tired of being the sugar daddy.
Wonder what hollande will do when Germany cuts them off.


7 posted on 06/18/2012 4:42:54 AM PDT by Texas resident (November 6 - Vote Against obama)
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To: Texas resident

Nigel Farage may have to be hospitalized to get the grin off his face.


8 posted on 06/18/2012 4:44:41 AM PDT by MHGinTN (Being deceived can be cured.)
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To: Olog-hai

They picked the creme de le crap with ol’ Hollande..

He says he wants to preserve the early retirement way of life for EUrope.

Good luck, punk.


9 posted on 06/18/2012 9:34:23 AM PDT by NormsRevenge (Semper Fi)
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