by Wolf Richter, Testosterone Pit.com:
France might not even notice if the eurozone fell apart—that’s how tangled up it is in the Jérôme Cahuzac fiasco that blew up with phenomenal effect on Tuesday and Wednesday.
Former Presidents Jacques Chirac and Nicolas Sarkozy were and still are dogged by scandals, investigations, and trials that laid bare all manner of misdeeds they personally had been involved in. But it never caused this kind of ruckus. By contrast, the Cahuzac fiasco doesn’t implicate President François Hollande personally. Not yet. But it’s tearing up his government.
In reality, not much changed on Tuesday, except that ex-budget minister Cahuzac admitted some of the facts that Mediapart had been putting on the table since early December. The left-leaning investigative online journal was launched in 2008. It’s not easy for upstarts in France. So when it published a recording of a conversation where he admitted having a bank account in Switzerland, the mainstream media picked it up skeptically, and they gave Cahuzac a huge platform to deny everything time and again with, as he called it on Tuesday, a “spiral of lies.”
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