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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » French Senate sends back 2013 budget bill

French Senate sends back 2013 budget bill

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Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The French Senate rejected the government's 2013 budget bill on Wednesday as left-wing lawmakers concerned about austerity voted against Socialist President Francois Hollande's package.

The rejection should not affect Hollande's plans to push through the country's toughest budget in three decades because the lower house of parliament has already approved the bill and it will have the last say on the legislation.

The opposition from left-wingers supposed to be loyal to the ruling Socialist Party is nevertheless an embarrassment to Hollande and it means the National Assembly will now have to work with the Senate to create a compromise bill.

As a result, only 156 senators voted in favour of the bill and 165 against.

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