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The Hollande government calls it a 'combat budget' for 2013 (Photo: Francois Hollande)

France adopts 'combat budget' for 2013

France's Socialist government on Friday (28 September) unveiled €30bn worth tax hikes and spending cuts in a bid to bring the public deficit in line with EU rules next year.

Dubbed a "combat budget" by Prime Minister Jean-Marc Ayrault, the fiscal plan is based on sharp tax increases for the rich (75% on millionaires) and for companies expected to bring in €20bn.

The budget is based on the assumption the economy will grow by 0.8 percent.

This may prove difficult, as France'...

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The Hollande government calls it a 'combat budget' for 2013 (Photo: Francois Hollande)

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