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France tightens belt
Source: Agencies |
September 29, 2011, Thursday
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Print Edition
Print Edition
FRANCE'S conservative government stuck to its deficit reduction goals in a draft 2012 budget yesterday that aims for 11 billion euros in savings, although faltering growth may yet warrant more belt-tightening.
The 2012 budget bill will be President Nicolas Sarkozy's last major legislative battle before a presidential election in April, in which he is widely expected to seek a second term.
Unveiling its budget bill, the government maintained its forecasts for growth of 1.75 percent in both 2011 and 2012.
Under a savings package unveiled last month, the government aims to raise an extra 10 billion euros (U$14.8 billion) in 2012 and cut 1 billion euros from spending as it tries to reduce the deficit to 4.5 percent of gross domestic product from 5.7 percent this year and meet a European Union target of 3 percent in 2013. Yesterday's bill seeks to enshrine those targets into law.
The 2012 budget bill will be President Nicolas Sarkozy's last major legislative battle before a presidential election in April, in which he is widely expected to seek a second term.
Unveiling its budget bill, the government maintained its forecasts for growth of 1.75 percent in both 2011 and 2012.
Under a savings package unveiled last month, the government aims to raise an extra 10 billion euros (U$14.8 billion) in 2012 and cut 1 billion euros from spending as it tries to reduce the deficit to 4.5 percent of gross domestic product from 5.7 percent this year and meet a European Union target of 3 percent in 2013. Yesterday's bill seeks to enshrine those targets into law.
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