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France to miss deficit target, lowers growth projections France to miss deficit target, lowers growth projections
(35 minutes later)
France's finance minister Michel Sapin has said the country will not achieve a 3% EU budget deficit target.France's finance minister Michel Sapin has said the country will not achieve a 3% EU budget deficit target.
France's budget deficit will be around 4.4% of GDP in 2014, drop to 4.3% next year, and will not go below 3% until 2017, he said.France's budget deficit will be around 4.4% of GDP in 2014, drop to 4.3% next year, and will not go below 3% until 2017, he said.
Mr Sapin also lowered the country's growth projections for this year and next.Mr Sapin also lowered the country's growth projections for this year and next.
However, France was not requesting a change in European Union rules, he said at a press conference.However, France was not requesting a change in European Union rules, he said at a press conference.
The country's lack of growth reflected "an economic reality" that affects Europe, Mr Sapin said.The country's lack of growth reflected "an economic reality" that affects Europe, Mr Sapin said.
France has missed a number of budget deficit targets, and has struggled with high unemployment and low growth. Projections for growth were lowered from 0.7% to 0.4% in 2014, and down from 1.7% to 1% in 2015.
The government will maintain its current plan for 21bn euros (£17bn) of public spending savings in 2015 while not raising taxes during that year, he added.
France plans to cut public spending by 50bn euros by 2017.
The country has missed a number of budget deficit targets, and has struggled with high unemployment and low growth.
In August three French ministers resigned amid a bitter row over economic policy.In August three French ministers resigned amid a bitter row over economic policy.