The French Senate is scheduled to vote tomorrow for the
passing of the Pension Bill mooted by President Nicholas Sarkozy. Some amendments
have already been made to the bill, which now concedes that people in difficult
jobs as well as working mothers with three children can retire earlier than the
minimum 62 years mentioned in the reform bill.
France
has been facing crippling shortage in fuel after the widespread protests and strikes
opposing the bill have started. 12 oil refineries have been shut for a week now
after the workers started their protest. Most the high schools have shut down
as the students and teachers join the protestors. Exxon Mobil Corp. has
described the condition as critical and has begun shutting down one of its oil
refineries. The airports are running at 30% capacity as the authorities warn
arriving aircrafts to come with sufficient fuel to fly back. Serpentine queues
form outside the gas stations as
citizens continue with panic buying and stocking. An estimated 3 million people
were on the streets of France
protesting as violence took the upper hand in Paris
suburb of Nanterre.
Amidst all the chaos churning countrywide President Sarkozy is still adamant about getting his bill through the Senate vote. This reform would bring the minimum retirement age on par with the U.S. and other European countries. Sarkozy says the change is inevitable and would stabilize the financial condition of the country. Sarkozy has initiated a crisis cabinet to take care of the fuel situation and to ensure continuous supply of fuel.
The pension reform bill was the cornerstone of his economic reforms announced at the Presidential campaign. This crisis and its management may very well play a crucial role in the next elections.
