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Economy

14:15, 07 September 2012 Friday
France to shave 10 bln euros off 2013 spending: Hollande

France to shave 10 bln euros off 2013 spending: Hollande
Hollande said spending, excluding debt servicing and pensions, will be stabilised in nominal terms which will allow us to save more than 10 billion euros.

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World Bulletin / News Desk 

France will cut state spending by 10 billion euros next year, excluding interest payments on its debt and pensions, as it strives to meet a deficit target of 3 percent of gross domestic product (GDP), President Francois Hollande said on Friday.

"Spending, excluding debt servicing and pensions, will be stabilised in nominal terms which will allow us to save more than 10 billion euros ($12.64 billion)," Hollande said in a speech at the state auditor's offices.


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