France’s Barnier: I plan to reduce deficit to 5% of GDP in 2025

Comments from Barnier:

• Will reduce deficit to 3% in 2029
• First remedy to bring down debt is to reduce spending
• In 2025, two-thirds of effort will focus on cuts
• Budget situation also requires targeted measures on tax policy
• We will ask large companies and richest part of population to contribute to effort around finances

It’s going to be a mess in France and many parts of Europe. The public is in no mood for tax hikes or austerity but something has to be done about deficits.

This article was written by Adam Button at www.forexlive.com.