By Palash R. Ghosh: Subscribe to Palash's RSS feed
October 25, 2010 12:19 PM EDT
Protests and strikes in France against the government’s proposal to raise the retirement age are costing the economy between 200 million and 400 million euros ($142- $285 million) each day and threatening the recovery, said Finance Minister Christine Lagarde.
“Beyond the costs, which are difficult to measure, it damages the attractiveness of France,” Lagarde said in an interview on Europe1 radio.
According to Bloomberg, a strike in the port city of Marseilles
has disrupted fuel supplies, rendering 73 vessels stranded, and worsening fuel shortages throughout the country.
France’s 11 active refineries will be on strike until at least October 28, and about 25 percent of the country’s 12,300 service stations are without petrol.
About four-fifths of France’s high-speed trains will run today, the national railroad said.
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"We shouldn't be weighing down this recovery with campaigns that are painful for the French economy and very painful for a certain number of small and medium-sized businesses," Ms Lagarde said.
On October 22, France’s Senate approved President Nicolas Sarkozy bill to overhaul the nation’s pensions system. As part of this package, the minimum retirement age climbs to 62 from 60, while the age for a full pension rises to 67 from 65.
The government’s lower National Assembly and the Senate are expected to complete passage of the bill by October 27.
Students are scheduling additional protests on Tuesday and the unions will call for national strike days on October 28 and November 6 if President Sarkozy does not withdraw the pension law or open negotiations.
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