Courtesy of Mish.
Unemployment in France touched 10.2% in April, a number last seen in 1999 according to data from Eurostat.
The question on newly-elected President Francois Hollande’s mind is what to do about it.
Economic Insanity
Hollande’s layoff clampdown solution according to Labour Minister Michel Sapin is to “make layoffs so expensive for companies that it’s not worth it.”
France’s new Socialist government is planning to ramp up the cost of laying off workers for companies in the coming months, its labour minister said on Thursday after data showed the jobless rate hit the highest level this century at 10 percent.
“The main idea is to make layoffs so expensive for companies that it’s not worth it,” Sapin said in an interview with France Info radio.
“It’s not a question of sanctions, but workers have to have compensation at the right level,” he said….
