France 'totally bankrupt', says labour minister Michel Sapin
Ink in the ink pen, checks in the checkbook, you know the drill
France's labour minister sent the country into a state of shock on Monday after he described the nation as "totally bankrupt".
The comments came as President Hollande attempts to improve the image of the French economy.
Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande battling to undo the potential reputational damage.
"There is a state but it is a totally bankrupt state," Mr Sapin said. "That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective."
The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country's deficit by cutting spending by 60bn (£51.5bn) over the next five years and increasing taxes by 20bn.
Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France's Socialist leader intends to soak the rich and businesses.
Pierre Moscovici, the finance minister, said the comments by Mr Sapin were "inappropriate". He added: "France is a really solvent country. France is a really credible country, France is a country that is starting to recover."
Posted by: lotp 2013-01-29