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Sarkozy pushes pension reform
Source: Agencies |
July 14, 2010, Wednesday
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THE French government adopted an unpopular bill yesterday to raise the retirement age after a defiant President Nicolas Sarkozy failed to silence his critics over alleged illegal political donations.
Labor Minister Eric Woerth, at the center of the affair, said he would step down as treasurer of the ruling center-right UMP party but remains in charge of the bill to overhaul pensions, which he presented to the cabinet.
Sarkozy stressed in a television interview on Monday he was determined to see through the plan to raise the retirement age to 62 from 60 and to make people work longer for a full pension despite expected protests in September.
The reform was essential to bring down the public deficit and national debt, and prevent France entering a debt spiral similar to that of Greece and Portugal, he said.
Trade unions promised to fight the bill and said they would seek to force the government to retreat.
"The risk of social unrest after the summer holidays has not been dissipated," Dominique Barbet, an analyst for BNP Paribas, said in a research note.
A former bookkeeper for L'Oreal heiress Liliane Bettencourt has told police that the billionaire and her late husband made illegal cash donations to conservative politicians for years, including to Sarkozy's 2007 election campaign.
Sarkozy said Woerth, exonerated of any wrongdoing by an official finance ministry report, had his full confidence and would remain in charge of the pensions reform. However, he said he had advised the minister to step down as party treasurer.
Opposition politicians and media commentators said the president had not answered, or even been asked, all the tough questions about conflicts of interest in Woerth's dual role of party fundraiser and budget minister in charge of taxes until March.
In addition, Woerth's wife worked for Bettencourt's wealth manager until she resigned last month after allegations of tax evasion by the billionaire became public.
Labor Minister Eric Woerth, at the center of the affair, said he would step down as treasurer of the ruling center-right UMP party but remains in charge of the bill to overhaul pensions, which he presented to the cabinet.
Sarkozy stressed in a television interview on Monday he was determined to see through the plan to raise the retirement age to 62 from 60 and to make people work longer for a full pension despite expected protests in September.
The reform was essential to bring down the public deficit and national debt, and prevent France entering a debt spiral similar to that of Greece and Portugal, he said.
Trade unions promised to fight the bill and said they would seek to force the government to retreat.
"The risk of social unrest after the summer holidays has not been dissipated," Dominique Barbet, an analyst for BNP Paribas, said in a research note.
A former bookkeeper for L'Oreal heiress Liliane Bettencourt has told police that the billionaire and her late husband made illegal cash donations to conservative politicians for years, including to Sarkozy's 2007 election campaign.
Sarkozy said Woerth, exonerated of any wrongdoing by an official finance ministry report, had his full confidence and would remain in charge of the pensions reform. However, he said he had advised the minister to step down as party treasurer.
Opposition politicians and media commentators said the president had not answered, or even been asked, all the tough questions about conflicts of interest in Woerth's dual role of party fundraiser and budget minister in charge of taxes until March.
In addition, Woerth's wife worked for Bettencourt's wealth manager until she resigned last month after allegations of tax evasion by the billionaire became public.
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