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France’s Transport Strike Starting to Weigh on the Economy
- By Didier Delmer
- Published 21/11/2007
- Economy, Markets
- Unrated
Didier Delmer
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France’s transport strike is entering its second week today, and beginning to weigh heavily on the country’s economy.
The French railway system has lost over 100 ME, freight isn’t reaching its destination, and people are staying away from stores, restaurants and shows.
Christine Lagarde, France’s Minister of the Economy, has estimated that cost of the strike by railway workers, who are protesting against a proposed overhaul of their special pension plans, is adding up to somewhere between “300 and 400 ME a day.”
The strikes are affecting mainly the Paris region. Supplies are dwindling at major industrial sites, department stores have seen a drop of close to 50% in customers, and theaters are selling tickets at knockdown prices to fill seats.
It’s a catastrophe for commerce, says Charles Melcer, President of the National Association of Clothing Manufacturers. “It hasn’t been this bad since May ’68.” Even taxi drivers are complaining of losing out because of traffic jams.