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Macron declares an 鈥榚conomic emergency鈥
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Emmanuel Macron鈥檚 government yesterday defended a financial relief package to quell the 鈥測ellow vest鈥 revolt over taxes and living standards, hoping to end protests which have spiraled into violence in Paris and other cities.
Over 21 million people watched a visibly contrite Macron declare a 鈥渟tate of economic and social emergency鈥 in a televised address Monday, promising billions of euros in aid for the lowest earners.
It was a stark retreat for the 40-year-old former investment banker, who until now had vigorously argued his tax policies and economic reforms were the only way to prepare France for the challenges of the 21st century.
The new measures, including a 100-euro (US$113) jump in the minimum wage next year, are expected to cost up to 11 billion euros 鈥 and are likely to put France on a collision course with Brussels.
The government had already scrapped fuel tax increases set for January 鈥 a core demand of the 鈥測ellow vests鈥 鈥 which will cost a further 4.5 billion euros.
The country鈥檚 deficit is likely to exceed the EU鈥檚 mandated 3 percent of GDP limit at least 鈥渢emporarily,鈥 Richard Ferrand, the parliament president from Macron鈥檚 Republic on the Move party, told RTL radio.
Having 鈥渁 stable France鈥 is the priority as the protests expose deep social divisions while taking a heavy economic toll, Ferrand said, adding: 鈥淲e can鈥檛 continue like this.鈥
Even so, the measures might not mollify enough protesters to call off road blockades and weekly demonstrations in Paris which have seen fierce clashes with police and extensive burning and looting over the past two Saturdays.
Although some 鈥測ellow vests鈥 were open to Macron鈥檚 olive branches, others said they were not ready to call a halt to the protests.
鈥淚nitially I thought Macron had heard us at least a bit, but when you look at the details, he hasn鈥檛 at all,鈥 said Thomas Miralles, a 鈥測ellow vest鈥 spokesman in the southern Pyrenees-Orientales department. 鈥淚鈥檒l be in Paris on Saturday, for the first time.鈥
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