France removes two official holidays from the calendar! - Bayrou: We need to work harder to produce
French Prime Minister Francois Bayrou proposed scrapping two public holidays as part of a 43.8 billion euro austerity budget, even as opposition parties threaten to topple his government.
"We must work harder, the whole nation must work harder to produce," Bayrou said, as he unveiled proposals that include freezing non-defense spending next year and not replacing one in three civil servants when they retire.
President Emmanuel Macron has left Bayrou with the task of fixing public finances with the 2026 budget, after his move to call early legislative elections last year left an unstable parliament too divided to deal with the country's rising spending and an unexpected tax deficit.
Bayrou, a veteran politician, has tried to warn the French that sacrifices are inevitable, although defense spending will be allowed to increase next year. The austerity will include freezing pensions at the same level as they were in 2025 and other welfare and health spending will also be limited. Two public holidays could also be scrapped, possibly Easter Monday and May 8, which commemorates the end of World War II in Europe.
Bayrou must convince the opposition in France's divided parliament to at least tolerate his cuts, or risk facing a no-confidence motion like the one that brought down his predecessor in December over the 2025 budget.
If it fails, a new political crisis could trigger more credit rating downgrades and increase the cost of interest payments, which are already expected to become the budget's largest expense at over 60 billion euros.
Any risk of a no-confidence motion is likely to only intensify once a detailed budget bill goes to parliament in October.
While announcing a new increase in defense spending, Macron urged lawmakers not to trigger another no-confidence motion, saying the one in December had hurt companies and hindered defense construction by delaying the 2025 budget.
Bayrou aims to reduce the budget deficit from 5.4% of GDP this year to 4.6% in 2026, ultimately aiming for the EU's 3% fiscal deficit limit by 2029.
With interest payments potentially becoming the largest budget expense, financial markets and rating agencies are eager to see whether Bayrou can push his plans through parliament without causing another political collapse.
Global sales of electric cars increase - Only the American market is in crisis!
Global sales of electric and plug-in hybrid vehicles rose 24% in June from a year earlier, as the shift to electric vehicles continued its upward trend in......
Offshore Energy - Study/ European Ports Far Behind Installation. Deadline 2030
Most European ports are far behind in installing the offshore electrical infrastructure needed for ships to switch from highly polluting marine fuel to......
Britain subsidizes electric cars - Citizens are offered discounts of up to 3,750 pounds
The cost of some new electric cars in Britain will soon be reduced to as little as £3,750 under grants being introduced by the government to encourage......
Women's football supports Swiss tourism - Great international interest for "Euro 2025", spending increases by 27%
The ongoing boom in women’s football is giving a boost to tourist spending in Switzerland this summer, as international visitors flock to watch the Euro 2025......
Traders race to ship coffee to the US - Ahead of 50% tariff to take effect on August 1
Traders are racing against time to sell as much Brazilian coffee as possible in the United States before Trump's new 50% tariff on Brazilian products goes......
The new Viroi/Kumbaro bridge: Guarantees uninterrupted traffic throughout the year!
The Minister of Tourism and Environment, Mirela Kumbaro, shared photos today from the construction site of the new Viro bridge, which is being implemented by......
"Secret Mediterranean"/ Forbes: Why Albania should be your next vacation destination?!
"The Albanian Riviera is the Mediterranean's best-kept secret - wild beaches, no mega-resorts (yet) and the last true escape before the crowds arrive,"......
The largest German enterprise SchwarzGroup/ Rama: Interest in investing in Albania!
During Prime Minister Edi Rama's visit to the largest German enterprise, SchwarzGroup, accompanied by the Minister of State for Entrepreneurship, Delina......
