France tallies its privatization income for 2007

23rd November 2006, Comments 0 comments

PARIS, Nov 23, 2006 (AFP) - France expects to receive between five billion and 10 billion euros from the sale by the state of non-strategic financial assets next year, Economy and Finance Minister Thierry Breton said Thursday.

PARIS, Nov 23, 2006 (AFP) - France expects to receive between five billion and 10 billion euros from the sale by the state of non-strategic financial assets next year, Economy and Finance Minister Thierry Breton said Thursday.

He told the Senate that the government was banking on "5.0 to 10.0 billion euros in revenues from the sale of non-strategic financial assets by the state in 2007".

He told the Senate during a hearing on the 2007 budget: "In 2005 and 2006 more than 20 billion euros in asset sales will have been applied to lowering French debt."

He reiterated his government's determination to reduce France's public by two points this year to 64.6 percent of gross national product.

He also recalled government commitments to reduce the public deficit, which covers national and local administrations as well as social welfare authorities, to 2.7 percent of output this year from 2.9 percent in 2005 and 2.5 percent in 2007.

He added that the reductions would be made possible thanks to "a stabilization in the volume of state spending for the fourth straight year".

As a member of the eurozone, France is obliged to hold its annual public deficit to three percent or less of output.

Copyright AFP

Subject: French news

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