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New French government unveils tough austerity budget

Michel Barnier's administration is seeking deep spending cuts and higher taxes in an effort to tame state's ballooning debt and deficit.

La rédaction de Mediapart

The French government on Thursday sought to head off a rapidly growing financial crunch, unveiling plans to plug one of the worst deficit and debt burdens in Europe with an austerity program involving deep spending cuts and hefty one-off taxes that would fall mostly on the rich and big corporations, reports The New York Times.

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