France expected to miss 2013 debt target

May 11, 2012 at 3:48 PM
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PARIS, May 11 (UPI) -- The European Commission says France will likely miss its deficit target for the coming year.

France's public deficit in 2013 was projected at 4.2 percent and its economic growth at 1.3 percent compared to the target set by incoming president Francois Hollande of a 3 percent deficit and 1.7 percent growth.

Spain is also expected to miss its 2013 targets as Europe works through what Olli Rehn, the European Union Economic Affairs Commissioner, called a "mild and short-lived recession."

"A recovery is in sight, but the economic situation remains fragile, with still large disparities across member states," Rehn said.

Rehn added that the recession might linger longer unless the EU takes "further determined action."

The situation could mean tough sledding right away for Hollande, who will be sworn into office next week, Radio France Internationale said Friday. Hollande based his campaign on the pursuit of economic growth as French voters pushed back against strict austerity measures.

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