French pension protests loom - After a quiet summer, anti-austerity protests will return to the streets of the eurozone today as French unions hold a day of protest action against Francois Hollande's pension reforms.
Let by the hardline CGT union, demonstrations will take place in 180 locations across France - as workers show their anger against Hollande's proposal to make them pay larger contributions and wait longer to collect their pensions.
Student unions and far-left groups are also expected to join the protests, in the latest expression of disquiet against Hollande's government.
The plans are meant to target France's pensions black hole, which is on track to hit €20bn by the end of the decade.
As Reuters explains:The draft pension law, to be presented to cabinet on September 18th and sent to parliament shortly thereafter, aims to wipe out an annual deficit that will otherwise hit €20bn in 2020. Its main effect is to extend the pay-in period for pension contributions to 43 years by 2035 from 41.5 now.Prime Minister Jean-Marc Ayrault's government submitted a new reform draft to France's top administrative court on Friday adding an amendment that will reduce advantageous conditions for pensioners who have more than three children starting in 2020.
Analysts have criticised the bill as being too timid, but the CGT argues that it places an unfair burden on workers.
Opinion poll data released last night found that 61% of the public back the protestors, with four in five saying they are concerned about their pensions.
However, the word from France is that today's protests are likely to be subdued, with some moderate unions declining to take part. It's unlikely to be a repeat of the pension protests that gripped the country for days in 2010.
Still, it should give an insight into the public mood in France, which faces many more tough decisions to bring its deficit into line in the years ahead.
I'll try to track the protests through the day, along with other key events as usual.
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