France cuts deep, hikes taxes to hold into AAA rating

In what may be the toughest austerity measures since World War Two, France has announced budget cuts worth 65 billion euros over the next 5 years.

November 08, 2011 / 19:37 IST

In what may be the toughest austerity measures since World War Two, France has announced budget cuts worth 65 billion euros over the next 5 years.

As the global equity markets eye the euro stress zone, France has announced the o plan to hike taxes. The country has planned to take this move in a bid to hold on to its 'AAA' rating.

The French prime minister also said that these moves are essential to bring down deficit by 2016.

first published: Nov 8, 2011 07:35 pm

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