Thursday, July 31, 2014   

French budget deficit set to overshoot targets
(06-17 17:07)

France's budget deficit will overshoot targets this year, heading for 4.0 percent of national output or more and there is little evidence of promised government spending cuts, national auditors warned.
The report from the highly influential body will be seen as a blow to Socialist President Francois Hollande, who has a record unpopularity rating and has based a U-turn on economic policy on cutting charges on business to be matched by huge cuts in planned spending.
France had been supposed to get its public deficit down to 3.0 percent of output but won a reprieve from the European Commission, and was aiming for 3.8 percent this year.
But the top national auditing body, the Accounting Court, said that the deficit was on track to overshoot targets again, heading for 4.0 percent or slightly more of gross domestic product.
``If this risk materializes, the direction for public finances from 2015 to 2017 will be undermined,'' the auditors said in a report on the state of national finances.--AFP
   
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