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EUROPEAN FISCAL: Deputies Reject Social Sec. Budget In Legislative Standoff

EUROPEAN FISCAL

Deputies on the National Assembly's Social Affairs committee have unanimously rejected the draft Social Security Financing Bill (PLFSS) in another blow to the minority gov't of PM Michel Barnier. The PLFSS is separate to the draft financing law (PLF) that is currently being debated on the floor of the National Assembly. While the PLF concerns most public services such as defence, infrastructure, and education, the PLFSS concerns all social security obligations of the state such as pensions, welfare spending and healthcare. The two pieces of legislation are usually presented around the same time but count as separate entities. 

  • Le Figaro notes "Several key measures had already been removed this week. The committee had thus rejected the overhaul of employer contributions and the freezing of retirement pensions, wanted by the government to each generate four billion euros of savings."
  • Leftist NFP deputies attaching revenue-raising measures related to "the wealth of billionaires,” “superprofits,” and "golden parachutes" saw the entire 'revenue' side of the PLFSS voted down, with the NFP looking to 'send a message' to the gov't, while pro-gov't deputies baulked at the proposed amendments.
  • Deputies now have until 1700CET (1100ET, 1600BST) to present amendments to the PLFSS before the original bill goes to the chamber floor on 28 Oct. 

 

Homepagemarkets-real-timePolitical RiskPolitical Risk BulletCEEMEAEurozoneFranceBulletGlobalFixed Income BulletsRegionMarkets
Homepagemarkets-real-timePolitical RiskPolitical Risk BulletCEEMEAEurozoneFranceBulletGlobalFixed Income BulletsRegionMarkets

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