French Court Approves Macron's Unpopular Pension Reform As Fresh Protests Expected

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by Tyler Durden
Friday, Apr 14, 2023 - 04:40 PM

France's top constitutional body ruled in favor of President Emmanuel Macron's unpopular plan to raise the retirement age is in line with the French Constitution, a decision that will only spark further social unrest. 

Bloomberg  reported the Constitutional Council in Paris, France's equivalent of the US Supreme Court, "approved the core elements of the law, including the key contested provision to raise the minimum retirement age by two years to 64." 

The nine-member body rejected one of two opposition-backed demands for a process that would've allowed for a referendum on keeping the pension age cutoff at 62. 

We suspect hardline unions and the opposition won't back down this weekend and will continue protests.

On Thursday, pension  demonstrators stormed  the LVMH Moet Hennessy Louis Vuitton, the world's largest maker of luxury goods, headquarters in Paris. One union leader said:

"Apparently our government is struggling to finance our social security and pension system, so money needs to be found where it is, which is in billions in companies like LVMH," Fabien Villedieu from the Sud-Rail unions said on local television. 

Just last week, pension protesters stormed the offices of  BlackRock's Paris headquarters

More demonstrations are imminent after today's ruling that solidified pension reform.