Shocker! Senior french official admits socialist France now ‘totally bankrupt’

Who in the world could have possibly predicted that Socialism would bankrupt a country… Well, I guess we all live and learn:

DAILY MAIL – France’s Socialist government was involved in a vast damage limitation exercise today after a senior minister admitted that the country was ‘totally bankrupt.’

Colleagues of Michel Sapin, secretary of state for employment, insisted that he was merely highlighting the faults of the last conservative administration, after the minister said the government’s tax-and-spend policies are just not working.

Finance minister Pierre Moscovici said: ‘What he meant was that the fiscal situation was worrying’, and added that the last government, led by Nicolas Sarkozy, had accumulated £513billion of debt. [<--- BLAME BOOOOOOSH!] Just half a year since his party came to power, Mr Sapin yesterday told radio listeners: ‘There is a state but it is a totally bankrupt state.

‘That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.’

While the admission was unlikely to have been intentional, it highlighted huge concern at President Francois Hollande’s handling of the economy.

Since Mr Hollande came to power, unemployment and the cost of living have continued to spiral, while ‘anti-rich’ measures have provoked entrepreneurs to leave the country.

The President is currently trying to revive France’s economic fortunes by cutting spending by the equivalent of more than £51billion.

Mr Hollande has also pledged to increase taxes by £20billion over the next five years.

The Bank of France has already produced data showing that capital investment is leaving the country every day, along with the business people who helped to build it.

Among those who have moved their vast wealth out of France are Bernard Arnault, the country’s richest man.

Mr Arnault, the 63-year-old head of luxury goods group LVMH, insists that he moved the cash and assets to Belgium for ‘family inheritance reasons’.

But others are convinced that, like numerous other tycoons and celebrities, he simply wants to avoid taxes including a 75 per cent top rate on income being introduced by President Hollande.

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