THE French prime minister, François Fillon, has announced €11 billion of austerity measures as the government looks to hold on to its AAA rating and reassure stock exchanges around the world.
A three per cent tax will be imposed on those earning more than €500,000 a year, measures to close tax loopholes will be introduced and taxation on alcoholic drinks, tobacco and sugary soft drinks will be increased.
François Fillon also said that he expects the French economy to grow by 1.75% this year, and the same in 2012, a large drop in comparison to the former 2% growth this year and 2.25% next that had been published in the past.
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