Monday, December 14, 2009

Sarkozy Learns Nothing From the Financial Crisies in Dubai and Greece

French President Nicolas Sarkozy demonstrating that he does not only fail to have a grasp of history, but of real-time events, Monday announced a 35-billion-euro (52 billion U.S. dollars) national investment plan, prioritizing university and research development among a five-sector spending program. This despite financial crises from exploding budgets in Dubai and Greece.

The plan, announced by the president at a news conference in Elysee Palace, proposed 11 billion euros for universities, 8 billion euros for research and development, 6.5 billion euros for industries growth, 4.5 billion for digital economy and 5 billion euros for sustainable development.

To pay for his grand plan Sarkozy said, 22 billion euros will be "levied from the market" through the issuance of government bonds and that the other 13 billion euros will be covered by money reimbursed by French banks to the government.

1 comment:

  1. Au contraire mon ami.

    As a clever politician Sarkozy has learned the limits of sovereign debt...and he is pushing France to the cutting edge. Some might say the bleeding edge. Something all good looters know how to do.