France unveils plan for 45b euros in spending cuts

France joined other European nations in announcing Saturday an austerity plan that would involve 45 billion euros (54.5 billion dollars) in spending cuts over the next three years.
Prime Minister Francois Fillon said the cuts were aimed at bringing France's public deficit back down to the European Union's limit of three percent of gross domestic product by 2013.
"We've made a commitment to bring down our deficit from eight to three percent by 2013 and we will concentrate all of our efforts on it," Fillon said at a meeting of new members of his UMP party.
France's first announcement of austerity measures came as bond markets have mounted pressure on eurozone nations to get their public finances under control in the wake of the devastating Greek debt crisis.
Fillon said the government would cut the public deficit by 100 billion euros, with half coming from slashing spending and half from increasing revenues.