2. France’s President Hollande Is Struggling With a Struggling Economy
The joyously heralded election of Socialist FranÁois Hollande as president has soured amid France’s ongoing economic woes. The country’s gross domestic product is down with its economy barely growing in the third quarter of 2012. The †unemployment rate is at at 10.3 percent and, while not as high as Spain’s and Greece’s, it has been growing for the past 19 months.
Hollande has seen France’s highest legal body overturn†his 75 percent millionaire tax, leading to doubts about how quickly France will pull itself out of the crisis. With more than 3 million out of work, he has pledged to reverse the jobless rate “within a year, whatever the cost.”
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