The French government vowed to continue its stimulus effort as it unveiled its latest budget Wednesday. Public deficit will grow to a record 8.2% of GDP this year and 8.5% in 2010, by which time public debt will have reached 84% of national output.
Economic growth in France is set to stabilise in the three months from July to September, according to French Finance Minister Christine Lagarde. The French economy emerged from a year-long recession in the second quarter of this year.
After meeting on Monday with France's Economy Minister Christine Lagarde, French bankers are due to meet on Tuesday with President Nicolas Sarkozy (pictured), who is under pressure to take action on excessive bonuses.
Ahead of a meeting on Tuesday with President Nicolas Sarkozy, French bankers meeting with France's Economy Minister Christine Lagarde (pictured) on Monday agreed to make concessions on excessive bonus payments amid growing public anger.
The French economy shrank further in the first quarter, bringing the country officially into recession after a fall in the last quarter of 2008. Economy Minister Christine Lagarde said growth data would be "bad".
French Minister of Economy Christine Lagarde told French daily Le Monde that there will be 34,000 fewer civil servants in 2010 due to the non-replacement rule.
France and Saudi Arabia have made “progress” toward finalising a civilian nuclear energy cooperation pact, French Economy Minister Christine Lagarde (photo) said. President Nicolas Sarkozy has already signed such deals with Algeria and Libya.
French Economy Minister Christine Lagarde has said in an interview that the ranks of France's unemployed grew by between 60,000 and 70,000 in March. The official data are to be revealed later today.
Four Societe Generale executives, including chief executive Daniel Bouton, who had been awarded thousands of stock options each, have agreed to give them up entirely after intense government pressure.
France’s finance minister, Christine Lagarde, has urged the executives of bailed out French bank Société Générale to give up their stock options for 2009, calling for a general overhaul of what she described as a "flawed" payment system.
