France slashes growth forecasts and says will miss 2014 deficit target

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Finance minister says growth for 2014 will be 0.5% - half the original forecast - as figures show French economy stagnant in second quarter.

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France slashed on Thursday its growth forecasts for both 2014 and 2015 and said it would miss its public deficit target this year, urging its European peers and their central bank to take steps to boost faltering growth and head off deflation, reports Reuters.