France aims to trim budget deficit to 3% of GDP in 2013

Note: This section contains information in English only.
Source: RTTNews
French President Francois Hollande announced his first budget which cut spending and increased tax on the rich to 75%. The government plans to trim its budget shortfall to 3% of GDP in 2013 from 4.5% this year. GDP is estimated to add 0.8%. The spending cut is expected to save 10 billion Euro. Meanwhile, Agence France Tresor reported a reduction of bond auctions to 170 billion Euro in 2013 from 178 billion in 2012.
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