Latest update: 16/11/2011 

- finance - France


French assembly approves strict 2012 budget

French assembly approves strict 2012 budget

France's lower house approved a strict 2012 budget Wednesday as the country tries to reduce its budget deficit from 5.7 to 4.5 per cent of GDP by 2012 amid the worsening eurozone debt crisis.

By News Wires (text)
 

AFP – The lower house of the French parliament approved on Wednesday a tight 2012 budget as Paris aims to eliminate its deficit within five years amid a worsening of the eurozone debt crisis.

The budget was approved by a vote of 315 to 198 in the National Assembly and now moves to the upper-house Senate where President Nicolas Sarkozy's conservative UMP party no longer holds a majority.

Concerned about keeping its top triple-A credit rating, the French government last week announced 65 billion euros in savings by 2016.

France aims to reduce its budget deficit from 5.7 percent of Gross Domestic Product this year to 4.5 percent in 2012. It is hoping to reach the European Union limit of 3.0 percent in 2013 and bring the budget back into balance by 2016.

Date created : 16/11/2011 
Comments (1)

France "AAA" ?

by Anonyme (not verified) - 18/11/2011 - 15:13

CDS do not lie. June 2011 Rrench was around 50 now well over 200 a 450% increase in perceived risk and real cost.

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