Right now, France is in the midst of celebrating Bastille Day, a national holiday commemorating the storming of the prison of the same name, a step in the process that was the French Revolution.
How appropriate, with all the terrible news coming out of France, it may be time for yet another uprising.
President Nicholas Sarkozy has had to go on national television to defend his record amid a storm over a campaign finance scandal. 57% of the French public don’t believe him on the matter. Only 44% of respondents to a survey by Le Figaro, a paper linked to Sarkozy’s party, found him believable.
France has also just approved a controversial ban on Islamic veils which is sure to make the relationship between the country’s growing Muslim community and its traditional population even more difficult.
On the brighter side, CDS on French companies and the sovereign have tightened after a period of difficulty last month.