Violent French Protests Show Why A New Debt Crisis Is Inevitable
Vincent Fernando, CFA
Oct. 18, 2010
French protests continue to rock France, with marchers throwing Molotov cocktails and blocking fuel supplies.
The strikes have gained intensity as high school students have now joined the ruckus, even conveniently blocking access to their own schools according to the Los Angeles Times. What sacrifice they show.
Police and youth have clashed in a dozen cities reports the Independent, and the country has been forced to tap its crisis fuel supply says the New York Post.
Yet what’s most shocking about the strikes is the modest pension reform they are opposed to. The French government is merely increasing the age of retirement to 62 from 60, by 2018, which is nothing compared to the far harsher austerity measures people are protesting in places such as Greece and Spain.