As France Drives to a Labor Showdown, Vacation Intervenes
On July 12, French automaker PSA Peugeot Citroën (UG:FP) presented François Hollande with the first major crisis of his presidency. In an effort to stem widening losses, Peugeot announced it would lay off a total of 14,000 workers, one of the biggest industrial downsizings in the country’s recent history. French President Hollande called the plan “unacceptable,” and his government ordered an independent expert to deliver an emergency report by the end of July.
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