French auditor urges economic reforms to slash spending

[Valin]

BBC: 6/26/13

 

France's national auditor has warned that further cuts in public spending are needed if the country is to get its ailing economy back on track.

The Cour des Comptes said the deficit is on course to exceed the government's 3.7% target due to lower tax receipts.

 

A cut in the "weight of public spending seems more necessary than ever", the quasi-judicial body said in a report.

The government forecasts annual growth of 0.1 this year, but other economists have predicted contraction.

 

(Snip)

 

"(France's) deficits remain higher than the eurozone and European Union average. There must be no slackening in this effort and the focus from now on must be on spending," the body said.

Trimming state aid and local authority budgets "can only be temporary," the auditor said.

It added: "Structural reforms must be put in place from today to ensure the lasting recovery of public finances."

 

 

 

H/T Hot Air

 

 

Boy I'm glad I live in a country where the government understands the meaning of frugality.

you may detect some slight sarcasm