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IMF warns France on austerity overkill
In a report likely to set off a political storm in Paris, the IMF said over-zealous cuts and tax rises have caused public debt levels to rise even faster, defeating the purpose. “A more measured pace of structural fiscal tightening is appropriate in the near-term. Limiting pro-cyclicality is of the essence,” said the Fund in its latest report on G20 imbalances. The comments have an added piquancy given that IMF chief Christine Lagarde is touted as the next Gaulliste challenger to president Francois Hollande. They leave Mr Hollande in a delicate position, forced to explain to his own critics within the Socialist ... (full story)
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