France’s audit confirms hole

City A.M. Reporter
FRANCE will have to find between €6bn and €10bn this year and a massive €33bn in 2013 to meet its European deficit targets, or risk unnerving financial markets, the state auditor told the new Socialist government yesterday.

Responding to President Francois Hollande's request for a thorough review of state finances, the audit said a revenue shortfall was threatening deficit goals. While in line with economists’ predictions, the figures mean state spending cuts are almost inevitable.