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France vows spending cuts, but 'no austerity'

09.04.14 @ 09:22

  1. By EUOBSERVER

France's new Prime Minister Manuel Valls vowed to cut taxes and spending in a bid to make the French economy more competitive, but insisted that this would not translate into austerity policies. France remains committed to reducing its budget deficit in line with EU demands, Valls told the French parliament.