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Hollande outlines ambituous austerity plan
10-09-2012 08:57
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French President Francois Hollande has outlined an austerity plan aimed at recovering the economy, jobs, and competitiveness, and building 'a more humane and caring society.'
Speaking at an interview during prime-time television on Sunday, Hollande announced details to save €33bn in one of the toughest budget plans of the past six decades.
The adjustments would be applied equally among the rich, corporations, and all public ministries except for Education, Justice, and Security. He also announced a 75% tax rate for income above €1m.
Hollande also said that the country's growth forecast for 2013 had been lowered to 0.8% from 1.2%.
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Speaking at an interview during prime-time television on Sunday, Hollande announced details to save €33bn in one of the toughest budget plans of the past six decades.
The adjustments would be applied equally among the rich, corporations, and all public ministries except for Education, Justice, and Security. He also announced a 75% tax rate for income above €1m.
Hollande also said that the country's growth forecast for 2013 had been lowered to 0.8% from 1.2%.
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