"The regulator is also ordering Google not to alter the indexing, classification, or presentation of "protected content"—e.g. French news articles—in its search results."

My reading is that the French are trying to force Google to pay for linking to news articles, and prevent them from removing those links. That is, the French are well aware of what happened in Spain (it was Spain, not Belgium) and are trying to prevent that too.

This doesn't sit well with me. It seems that in the US, this comes really close, if not over the line of being compelled speech. The French are trying to force Google to display certain search results, and on top of that, pay for the privilege of being forced to do so.

Google is probably more invested in France than they are in Spain, so pulling out entirely is likely not in the cards, but it would send a heck of a message if suddenly no one in France was able to use any french Google services.