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FRANCE President faces hole in finances

July 3 2012 at 05:00am

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France’s new Socialist government must cut public sector jobs and spending next year to meet a key European deficit target, the national audit office said yesterday in a review of public finances. Economists have warned that faltering economic growth was gnawing at state revenue, but President François Hollande kept the issue under wraps until he won presidential and parliamentary elections in May and June. Having promised to steer clear of Greek-style austerity to rally voters, Hollande risks angering the public and leftist allies as he seeks what the audit office said should be e33 billion (R334bn) in savings next year. – Reuters


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