| "France will have to find 6-10 billion euros ($7.6-12.6 billion) this year and a massive 33 billion in 2013 to meet its European deficit targets, (...) the state auditor told. (...) The Court of Auditors - a quasi-judicial body responsible for overseeing public accounts - said a revenue shortfall was threatening deficit goals. (...) The figures leave Hollande with the tricky task of explaining to voters, seven weeks after he took office promising an end to austerity, that sweeping costs cuts will be inevitable after all.
France urgently needed to rein in one of the highest state spending levels in Europe, at 56 percent of GDP." |
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