Hollande ready to tackle public finances

Preview and reports of the measures the new Socialist Presidency and Government proposed in July 2012 to deal with the challenges facing public finances in France.

France would have to find €6-10bn in 2012 and a massive €33bn in 2013 to meet its European deficit targets, or risk unnerving financial markets, the state auditor (Cour des Comptes) told the new Socialist government on the 2 July 2012.

The new French government announced its new programme on the 3 July 2012 promising to hit the wealthy and big companies with new taxes and protect the less well-off as the new socialist government tackled the country’s budget deficit.

ESO: Background information: Austerity challenge looms for Hollande / French business frustration boils over http://www.europeansources.info/record/austerity-challenge-looms-for-hollande-french-business-frustration-boils-over/

Website: Cour des comptes http://www.ccomptes.fr/

France24, 29.6.12: French economy at zero growth in first quarter of 2012 http://www.france24.com/en/20120629-french-economy-zero-growth-first-quarter-2012-slowdown-insee

France24, 26.6.12: France increases minimum wage http://www.france24.com/en/20120626-france-increases-minimum-wage-amid-tax-hikes-spending-freezes-economy

France24, 2.7.12: France needs €43 billion to meet 2013 deficit targets http://www.france24.com/en/20120702-france-economic-crisis-looming-large-euros-budget-cuts-austerity-hollande

BBC News, 3.7.12: France to tackle crushing debt, says French PM Ayrault http://www.bbc.co.uk/news/world-europe-18693089

France24, 3.7.12: French PM 'rejects austerity' in first parliament speech http://www.france24.com/en/20120703-france-prime-minister-ayrault-rejects-austerity-fiscal-budget-cuts-parliament-taxes

EUObserver, 2.7.12: Paris short €43bn to meet EU deficit targets http://euobserver.com/19/116836

Cour des comptes: Press Release, 2.7.12; Situation et perspectives des finances publiques 2012 http://www.ccomptes.fr/Presse/Communiques-de-presse/Situation-et-perspectives-des-finances-publiques-2012

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