French 2011 deficit to beat target: PM

9th January 2012, Comments 0 comments

Prime Minister Francois Fillon said Monday that France's deficit will be 4.0 billion euros lower than expected for 2011 and "most probably" lower than the goal of 5.7 percent of Gross Domestic Product.

"Thanks to the government's efforts, the state in 2011 will see a deficit around 4.0 billion (euros) lower than the last forecast. Our public deficit will therefore very probably be inferior to the 5.7 percent of GDP we were committed to," he said.

"We must continue to reduce our deficits and prepare ourselves for all new eventual measures," he said.

Under pressure from markets and rating agencies amid the eurozone debt crisis, France has vowed to keep its public finances under control and save 100 billion euros ($128 billion) to balance its budget by 2016.

Keen to keep its cherished triple-A credit rating, the government has imposed two deficit-cutting packages aimed at saving a total of 72 billion euros since August.

© 2012 AFP

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