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France Rejects Austerity With Gradual Repair of Finances
Bloomberg 3 hrs ago William Horobin
(Bloomberg) France will only gradually repair the damage to its public finances from the pandemic, avoiding austerity measures that would hurt economic growth, according to a long-term fiscal plan.
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The budget deficit won’t fall below 3% of gross domestic product until 2027, the finance ministry said. While progress could have been faster, targeting a drop below 3% in 2025, that would have involved major spending cuts and tax increases, an official at the ministry said.
“We mustn’t make the error of 2009 when we tried to immediately repair public finances,” Finance Minister Bruno Le Maire said Friday on Sud Radio. “We need to do it at the right moment that doesn’t kill the return of growth.”
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