Austerity challenge looms for Hollande / French business frustration boils over

Fresh from securing an emphatic parliamentary majority in France's second round of voting in its legislative election in June 2012, President François Hollande would soon have to face a new decisive moment in his young presidency when he confronted the state of France’s public finances.

A report due in late June 2012 by the Cour des Comptes, the national auditor, would lay bare the large gap that will have to be bridged for Mr Hollande to meet his commitment to reduce the budget deficit to 3% of gross domestic product in 2013 – and eliminate it in 2017.

ESO: Background information: Hollande proposes €120bn growth pact http://www.europeansources.info/record/hollande-proposes-e120bn-growth-pact/

ESO: Background information: France and Italy unite on euro crisis plan / France seeks eurozone stability package / Merkel warns on French economy http://www.europeansources.info/record/france-and-italy-unite-on-euro-crisis-plan-france-seeks-eurozone-stability-package-merkel-warns-on-french-economy/

ESO: Background information: French economy stalls in second quarter http://www.europeansources.info/record/french-economy-stalls-in-second-quarter/

France24, 18.6.12: Socialists free to push through reform agenda http://www.france24.com/en/20120618-france-socialists-free-push-through-reform-agenda-francois-hollande

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