France to shave 10 billion euros off 2013 spending: Hollande

Reuters News
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Posted: Sep 07, 2012 5:18 AM
France to shave 10 billion euros off 2013 spending: Hollande

PARIS (Reuters) - France will cut state spending by 10 billion euros next year, excluding interest payments on its debt and pensions, as it strives to meet a deficit target of 3 percent of gross domestic product (GDP), President Francois Hollande said on Friday.

"Spending, excluding debt servicing and pensions, will be stabilized in nominal terms which will allow us to save more than 10 billion euros ($12.64 billion)," Hollande said in a speech at the state auditor's offices.

($1 = 0.7915 euros)

(Reporting By Julien Ponthus, writing by Daniel Flynn; editing by Catherine Bremer)