French local authorities face the crunch of budget deficit reduction pledge


Local town halls across France, many already heavily indebted, must bear a significant part of the pledged 50 billion-euro public spending cuts.

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When Claude Monet lived near the Seine at Argenteuil, he painted white canvas sails and river banks. Today, Argenteuil is part of the suburban sprawl west of Paris, and is more famous for being the most indebted large town in France, reports The Economist.