European collapse

French Unemployment Hits 12-Year High (It's Going to Get Much Worse)

The EU Observer reports France to hold jobs summit as unemployment hits 12-year high

A sharp rise in France's unemployment figures is putting pressure on President Nicolas Sarkozy to deliver, with over half the French population wanting the candidates for the spring presidential election to focus their energies on maintaining jobs.

Figures released by the labour ministry this week show that the number of those unemployed hit 2.85 million in November, a 12-year high and the seventh consecutive monthly increase.

The numbers have sparked a debate in France about the nature and future of employment with Sarkozy convening a jobs summit on 18 January.

Unemployment as an issue is a number-one priority on French voters' minds. According to a poll in La Croix newspaper, 52 percent of French people want the candidates for the April presidential elections to focus on responses that "maintain employment."

Of the main candidates in the running, socialist contender Francois Hollande is seen as proposing the best solutions to the daily problems of French citizens by 24 percent of those polled. Sarkozy comes in second with 20 percent and far-right politician Marine Le Pen in third place (16%).

While all candidates will focus on combatting unemployment and there are set to be many proposals for economic growth, their hands will be tied by France's commitment to reduce its high budget deficit, as part of an overall plan to contain the eurozone debt crisis.

This is how collapse happens!

Petroplus shuts 3 oil refineries as cash runs out

Petroplus is to close three of its five oil refineries over the coming weeks because it has run out of money for crude supplies since bankers froze its credit lines abruptly this week.

Reuters,

30 December, 2011

Talks with the bankers have been "open and constructive" and will continue in the coming days, the financially troubled company said in a statement about the closures on Friday.

"In the meantime, the company will start temporary economic shutdowns of the Petit Couronne (France), Antwerp (Belgium) and Cressier (Switzerland) refineries in January 2012 given limited credit availability and the economic climate in Europe."

A victim of oversupply in European refining and of an investment strategy under former boss Thomas O'Malley that fell foul of an industry downturn, Petroplus and European government officials have been locked in talks with the 13 banks that froze a $1 billion facility it needed to buy crude oil.

Friday's announcement follows days of talks among bankers, government officials and the company aimed at keeping fuel flowing from Europe's biggest independent refinery.

For article GO HERE