French President Emmanuel Macron is considering emergency tax cuts to bring an end to the violent protests that led to at least one death over the weekend, Bloomberg reported Monday.
More than 220 people were arrested in Paris Saturday as "yellow vest" protesters assembled for the third straight weekend, demonstrating against fuel taxes and Macron's policies in general. A government representative previously said policy changes were not being considered, but officials are worried that the economy could be affected by the ongoing tensions.
Finance Minister Bruno Le Maire called the economic impact of the protests "severe," and said he is "ready to commit" to reduced spending to offer tax cuts for the nation's middle and working class.
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Protestors demonstrating against declining purchasing power, and students in about 100 schools who protested educational reforms on Monday, made a major dent in revenues over the weekend, writes Bloomberg. Supermarkets reported drops of up to 25 percent, and the transportation industry reportedly lost more than 400 million euros as regular business ground to a halt in the face of the protests all over the country.
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