"The French Government will impose an extra €7 billion ($12 billion) in spending cuts and tax rises next year to avoid the "dangerous spiral" of debt which has seized the Greek and Italian economies.
In an attempt to rescue the country's cherished AAA debt rating, President Nicolas Sarkozy has been forced to adopt a second austerity package in the space of three months.
The lower rate of VAT will be increased from 5.5 per cent to 7 per cent. Plans to raise the pension age from 60 to 62 will be brought forward by one year. Health and welfare spending will be restrained. Presidential and ministerial salaries will be frozen."
In an attempt to rescue the country's cherished AAA debt rating, President Nicolas Sarkozy has been forced to adopt a second austerity package in the space of three months.
The lower rate of VAT will be increased from 5.5 per cent to 7 per cent. Plans to raise the pension age from 60 to 62 will be brought forward by one year. Health and welfare spending will be restrained. Presidential and ministerial salaries will be frozen."
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