France Faces $43Billion Debt Shortfall

  • Auditors revealed that France will require about $43 Billion to meet current debt targets. France's pro-growth President François Hollande is set to initiate a set of cost-cutting measures but refuses to accept the use of the term austerities in relation to these measures. Finance Minister Pierre Moscovici announced increase in taxes and restrictions on public spending but also promised to avoid policies which would hurt economic development. France will need to fill this funding gap within the next two years to be able to meet the EU deficit-reduction target guidelines.