France will reduce its budget
deficit two years later than previously forecast, the country's
finance minister warned Wednesday.
Finance Minister Michel Sapin said the government will not
reduce its deficit to meet the 3% deficit-to-gross domestic
product (GDP) limit set by the European Union until 2017.
That's because France will not take the kind of austerity
measures needed to speed up deficit reduction, Sapin said as he
discussed the 2015 budget at a news conference.
"We will not ask for further efforts from the French," said
Sapin.
"The government understands the seriousness of the budget
but rejects austerity," he said.
Economic growth in France is forecast to be very weak, a
common problem across parts of Europe including Italy, which is
in its third deficit since 2008.
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