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Under EU pressure, France unveils billions in savings

French Finance minister Michel Sapin gives a press conference to present France's stability program on April 15, 2015France on Wednesday unveiled a nine billion euro savings plan over two years as it battles to reduce its budget deficit to below European Union limits. In its so-called “stability programme” that each eurozone country must send to Brussels, France confirmed its budget deficit would be below the limit of three percent of gross domestic product in 2017. The budget deficit of France, the eurozone’s second-largest economy, will stand at 2.7 percent of GDP in 2017, just below the EU bar of 3.0 percent.

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