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19 August 2017
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Costs of French strikes over pension reforms at 4 bln euros

The cost of successive...

The cost of successive massive protests over the government`s pension reforms stood at 4 billion euros (5.6 billion U.S. dollars) in a way to hit the tepid recovery of Europe`s second economy, local media reported on Monday, according to Xinhua.

"Already, one can reasonably calculate the cost of strikes and their effects induced more than 4 billion euros for the French economy," General Federation of Small and Medium Enterprises said in remarks published in the daily Le Monde.

"The cost of the social movements weight heavily. The most fragile small and medium enterprises are the most threatened," it added.

Early this morning, Economy Minister Christine Lagarde estimated the value of damage caused by strikes stood between 200 and 400 million euros (280.3 and 560.9 million dollars) each day.

According to the minister, the fresh nationwide demonstration and strikes are likely to cause harm to the image of French economy and hamper the growth recovery.

Workers at refineries stood firm on staging an-open-ended strikes to protest against the raise of the retirement age from 60 to 62. As a result, fuel supply in the country`s stations was cut with one oil pump out of three is still running day.

Seven out of 12 refineries voted to continue strikes on Monday while three announced to resume production after over 10 days of blockade, according to local media.

Unions remain unbowed and called to stage two others manifestation this week and on Nov. 6. However, the proposed bill was adopted last Friday by the Senate with the final vote due on Wednesday.

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