Business World

Saturday 16 December 2017

France needs to find up to €10bn to meet 2012 deficit goals

FRANCE’S new Socialist government will need to find between €7bn and €10bn for the 2012 budget to meet its deficit-cutting goals, the country's finance minister has said.

But Pierre Moscovici insisted the shortfall would not be made up by painful spending cuts.

"I object to all talk of austerity," he said on i-tele television.

The government will present a new budget on July 4 which is expected to include new tax measures.

President Francois Hollande has promised to cut the deficit to 4.5pc this year.

France is a big contributor to bailouts of weaker European states.

Mr Hollande, who is pushing a Europe-wide stimulus package ahead of an EU summit this week, is meeting European Central Bank chief Mario Draghi in Paris on Monday.

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