Economy

xchrom

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10. France needs more leeway to meet deficit targets, suggests IMF

Thu Dec 27, 2012, 08:08 AM

Dec 2012

http://www.guardian.co.uk/world/2012/dec/26/france-leeway-deficit-target-imf

Fresh evidence that France, which is hanging on to the last of its AAA credit ratings, could be given some leeway on deficit targets emerged on Wednesday.

The International Monetary Fund said the country should be more concerned about the credibility of its efforts to cut back on flab in public finances than whether it met the EU's 3% of gross domestic product target for the budget deficit immediately.

The comments by the IMF's mission chief, Edward Gardner, came after the Washington-based fund forecast this month that France would miss its 2013 target for a deficit of 3% of gross domestic product, estimating that it was on course for 3.5% as a result of weaker than expected growth.

Gardner also warned against more tax rises as these could further hold back economic growth. The top rate is being raised to 75%, prompting the actor Gérard Depardieu to announce his removal to Belgium.

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