Error Number One

Nicolas Sarkozy said that reform on the retirement brings 42 billion euro per year.

Wrong!

It is 31.7 billion euros a year, taking into account the effort of the state on civil and military servants pension regime maintained at 2010

16 billion euros per year only without it.

It is normal to ignore it, since the pension reform has no impact on this figure which derives from a convention established by the Pensions Board in 2001. See the addendum in the end.

Error Number Two

Nicolas Sarkozy said the euro was introduced with parity of 1 euro for 1 dollar.

Wrong!

On January 4, 1999, the day of the introduction of the euro, parity with the dollar was about 1.17 dollars per euro.

So France will chair the G20, where the issue of exchange will be dominant, with a President who has demonstrated a ridiculous knowledge of the parity of currencies.

This is serious!

Not only none of the three journalists present, Chazal, Denisot, Pujadas, has been able to contradict him.

But also what is amazing is that more than 12 hours after the end of the interview, a google search only returns:

- For the first error on the page of a few bloggers.

- For the second error on the page of the Modem (http://www.mouvementdemocrate.fr/medias/bayrou-a-vous-de-juger-france2-161110.html), where Bayrou would have caught the error, and a page of Marianne.

Vive la France ! tcc tcc tcc (noise of Republican Guard horses) ...

Annex on what really pays the pension reform by year from 2011 to 2018

Discussions at the Assemblée Nationale (http://www.senat.fr/rap/a09-727/a09-7278.html) provided the exact figures provided for the period from 2011 to 2018: a balance before cumulative reform - 310.1 billion euros, a net cumulative after reform -56.7.

Which makes 253.4 billion in 8 years, 31.7 billion euros a year.

And yet, these include 253.4 billion increase in effort of the state between 2000 and 2010 to balance the scheme for civil and military servants, 125.5 billion euros in cumulated.

The level of accumulated deficit is a convention determined by the Board of Retirement Guidance (COR Conseil d'Orientation des Retraites). If we fix to zero the technical balance of the State regime in 2010 rather than in 2000, the deficit before the reform is -310.1 + 125.5 = - 184.6.

The addition of measures of age (80 bn), other measures (45.8 bn), the changeover Unedic (6 MoE) and the measures decided by the National Assembly (-3.9) gives 127.9 billion euros from 2011 to 2018 in total, or 16.0 billion euros a year.

Pension reform would yield is 16 billion euros per year from 2011 to 2018 and not 42 billion euros per year.

Even the French medias have trouble with the financial issues of the Pension reform. Dear foreigner, fell free to ask for technical advice on such topics.