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France outlines 2014 austerity measures

March 9, 2013 at 9:34 AM

PARIS, March 9 (UPI) -- The French government is aiming to cut spending by $6.5 billion in 2014 without cutting jobs, the prime minister said.

Prime Minister Jean-Marc Ayrault directed ministers to restructure their departments using "ambitious structural reforms," to accomplish the savings, rather than cutting jobs, Radio France Internationale reported Saturday.

The overall goal is to bring government debt to 3 percent of gross domestic product by 2017. The benchmark of 3 percent is one of the financial mandates for eurozone members.

With the Socialist party coming into power, the 2013 government budget already had austerity measures, cutting more than $16 billion in spending and increasing tax revenues by $50 billion.

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