The French Cul de Sac
As France's presidential election looms, the country is approaching a breaking point, owing to the crisis of its banks and its parlous fiscal position. When that point is reached – almost certainly in the year or two following the election – it will cause radical, wrenching change, because the current political establishment has proposed no path forward.
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PARIS – As France’s presidential election looms, the country is approaching a breaking point. For three decades, under both the right and the left, the country has pursued the same incompatible, if not contradictory, goals. With the sovereign-debt crisis pushing French banks – and thus the French economy – to the wall, something will have to give, and soon.