25 Jun '12, 9am

France needs up to 10b euros to cut deficit: minister

France needs up to 10b euros to cut deficit: minister

PARIS: France must find up to 10 billion euros to bring its public deficit back to 4.5 percent of gross domestic product, Finance Minister Pierre Moscovici said on Monday. Moscovici told iTele television that the new French socialist-led government was looking for seven to 10 billion euros ($12.5 billion), and added: "We are somewhere in the middle I imagine, but I am waiting to see the official figures". The numbers given were slightly lower than the government's previous estimate of about 10 billion euros. In 2011, France posted a public deficit, which includes state and social services spending such as the public health system, of 5.2 percent of GDP, and in March the former government cut its 2012 target to 4.4 percent. Under EU rules, eurozone countries are supposed to keep deficits below 3.0 percent of GDP, and work towards a balance or even a surplus in times of econ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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