An Independent Auditor Says France Will Need to Save 43 Billion Euros This and Next Year to Avoid a Fiscal Cliff Scenario

“France needs as much as 43 billion euros ($54 billion) in savings this year and next, the nationalauditor said, setting the stage for budget cuts by Socialist President Francois Hollande.

The coming year is “a crucial one in which the budgetary calculation will be difficult — more difficult than thought because of slower growth,” Didier Migaud, who heads the audit body, told journalists today in Paris. “It will require an unprecedented brake on spending and higher taxes.”

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