August 11, 2014

RUNNING OUT OF OTHER PEOPLE’S MONEY: France sells-off le family silver: Cash-strapped country puts its opulent New York properties up for sale in desperate bid to balance the books. “With France’s total debt expected to hit almost €2trillion ($2.7trillion) by the end of the year and President Francois Hollande’s government hoping to save around €50billion ($67billion) over the next three years, state-owned properties across the world are having to be offered up for sale. The latest property to go on the market is 1143 Fifth Avenue in New York – a stunning seven-floor, red brick and limestone block in central Manhattan once home to many of France’s top U.S. diplomats.”