'Unprecedented' spending cuts in France budget draft
AFPPARIS--France on Wednesday unveiled its draft 2014 budget, vowing “unprecedented” cuts in public spending as the eurozone's second largest economy tries to rein in its deficit without compromising much-needed growth.
September 26, 2013, 12:05 am TWN
But critics on either side of the political spectrum remained skeptical that it would alleviate hardship in France, which is suffering from record-high unemployment, limited investment and low consumer spending. Finance Minister Pierre Moscovici and Budget Minister Bernard Cazeneuve presented the draft budget to the cabinet, outlining 15 billion euros (US$20 billion) worth of cuts.
“We prefer to find savings rather than increasing taxes,” Moscovici and Cazeneuve said in their introduction to the draft budget.