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France wants to catch up with Germany in economic power (Photo: elysee.fr)

Hollande announces budget cuts, tax breaks

French President Francois Hollande on Tuesday (14 January) pledged to cut €50 billion in government spending over the next four years and give French firms tax breaks in order to jumpstart the eurozone's second-largest economy.

In an almost three-hour long press conference, Hollande promised to slash €30 billion in tax obligations for French firms, by giving them an exemption from family welfare obligations.

"We must do everything for employment. This is my priority," Hollande sai...

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France wants to catch up with Germany in economic power (Photo: elysee.fr)

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