France hopes for strong growth in 2011 and ducks swingeing cutbacks

first_img FRANCE will curb civil service spending and scrap tax breaks but otherwise rely on faster economic growth to replenish public coffers in 2011, according to a budget bill that some economists said lacked ambition.Wary of voter dismay over pension reforms ahead of elections in early 2012, President Nicolas Sarkozy is seeking to honour deficit-reduction pledges without the level of austerity that many of France’s Eurozone peers have programmed in as they seek to neutralise the heavy state spending that helped pull them out of recession.The cornerstone of the bill presented yesterday is a cut in the public deficit to six per cent of gross domestic product in 2011 from 7.7 per cent in 2010, the first phase of a plan to trim the gap to the EU’s three per cent ceiling in 2013 and to two per cent in 2014. France also expects it debts to peak in 2012.Economy minister Christine Lagarde said she hoped the plans for deficit cuts worth close to €40bn (£34bn) next year would reassure financial markets that remain edgy about bloated debt levels in many European countries.“Investors who finance and refinance our debt are extremely attentive to improvement of public finances, as are the rating agencies,” she told said.The centre-right government has to convince markets that France is serious enough on deficit control to keep an AAA credit rating that allows it to service its debt at a low cost. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Share More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her:‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at Show Comments ▼ KCS-content center_img Wednesday 29 September 2010 11:12 pm whatsapp Tags: NULL France hopes for strong growth in 2011 and ducks swingeing cutbacks last_img read more

Saudi says world has enough oil despite Libya turmoil

first_img Share Saudi says world has enough oil despite Libya turmoil whatsapp whatsapp World markets have plenty of oil, top exporter Saudi Arabia has said, as a wave of revolution has tightened its grip on OPEC member Libya, driving prices to a two-and-a-half-year high.Energy ministers have arrived in the Saudi capital Riyadh on the eve of talks designed to narrow the gap between producer and consumer nations.The formal agenda could be overwhelmed by concern anti-government protests will drive oil prices still higher.Oil has climbed above $106 (£65.20) as energy firms recalled international staff from Libya and spreading unrest shut down some 100,000 barrels per day of production there.It was the first output disruption since popular unrest erupted in Tunisia, ousting its president, before spreading to Egypt, where it unseated Hosni Mubarak after 30 years of rule.Libyan leader Muammar Gaddafi’s four-decade-rule also appeared in jeopardy as protests reached the capital Tripoli for the first time.Saudi Oil Minister Ali al-Naimi will open proceedings at the International Energy Forum with a speech on Tuesday, but has declined to comment to reporters.His deputy Prince Abdulaziz bin Salman Al-Saud told a news conference the market had plenty of oil.“We’re much more focused on how the market balance is, is it sufficiently supplied? And the answer is ‘yes, abundantly,’ therefore does the situation warrant any kind of intervention? I don’t think so,” he said.He also reiterated the long-held Saudi view $70-$80 was the fair price for oil.“It is justified because it enables producers to invest, it is justified because it does not harm consumers.”Even though oil prices are well above those levels, OPEC ministers have repeatedly said the market has enough supply and the Organization of the Petroleum Exporting Countries has no plans to meet formally to reassess output until June.Iran, OPEC’s second largest oil producer after Saudi Arabia and holder of the rotating OPEC presidency, was among several oil ministers who will stay away from Tuesday’s talks, delegates said.Its anticipated absence was interpreted as another clue OPEC was not ready to react to rising oil prices with a formal output decision. alison.lock center_img Tags: NULL Show Comments ▼ Monday 21 February 2011 2:54 pmlast_img read more