Don’t imagine the slightest condescension on my part towards our Greek friends who are just ahead… of our country!
For years I have been saying and repeating that we are engaged in a process of “grecification” and that we have lost our minds with our spending and we are walking on our heads as well as on the debt!
Let’s get serious again and stop giving money to everyone and for anything or for any occasion.
Otherwise… it is the markets that will force us to make this choice.
There is a big difference between Greece and France. In France everything is taxed and the money is actually collected. In Greece before, the tax was theoretical at best.
Greece had obvious fiscal room for maneuver.
We don’t have any.
The markets know this, and more importantly, are starting to understand it well.
The French debt is now more expensive than that of Greece and this is obviously not good news.
This is unprecedented: France’s 5-year borrowing rates on the financial markets have exceeded those of Greece. It’s even unheard of. It is now more expensive to buy French debt than Greek debt. In other words, at a loan maturity of five years, the former trades at a higher rate than the latter. On the primary market, where European states borrow directly from investors, the situation is also visible in the latest operations. France, for example, borrowed for six months at a rate of 3.12% on September 23, while Greece borrowed at 2.85% for a similar maturity on September 25.
We will therefore have to wake up very seriously.
And this awakening, let’s be clear, does not mean that we will have to tax ants more.
From now on we will have to tackle very seriously these cicadas which have been dragging our country into a mess without results for far too long.
Stop public spending.
Enough said whale.
Charles SANNAT
“Insolentiae” means “impertinence” in Latin
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