Friday, March 29, 2013

France Misses Deficit Target

The French budget deficit for 2012 was 4.8% of GDP, higher than the 4.5% target agreed with the European Union. The president in his TV interview yesterday said little about how to reduce government spending, except to say that "the shock of administrative simplification" would go a long way toward meeting the goal. He did not mention the deficit figure, although he surely already knew about it.