France's budget deficit to top 7 percent

France's budget deficit will exceed 7 percent of its GDP in both 2009 and 2010, the country's Budget Minister, Eric Woerth, said on Sunday (21 June).

The announcement highlights the heavy toll being extracted on public finances by the government's stimulus plan and falling tax receipts, with the latest figure a considerable increase on a previous March forecast for a 5.6 percent deficit this year.

"This deficit is both the cost of the crisis and the price of recovery," said Mr Wo...