Debt crisis: France puts brakes on austerity

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France will not introduce any further austerity measures this year but instead focus on spending cuts in 2014 to bring its deficit down to 3pc of GDP.

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The Europe-wide economic slowdown has forced France to delay its target of cutting the state deficit to three percent of GDP this year and the government has said it does not want to impose too much austerity on an economy near recession, reports The Daily Telegraph.