Manuel Valls Faces Socialist Opposition.
France’s lawmakers Tuesday voted narrowly in favour of a plan to slash €50 billion from the country’s budget deficit by 2017, but a high abstention rate underscored discord within the Socialist majority.
The plan, designed to allow the eurozone’s second-largest economy to meet deficit-reduction commitments, passed with 265 votes in the National Assembly, France’s lower house of parliament, with 232 voting against and 67 abstaining.
The programme can now be submitted for approval to the European Commission, which has already granted France two extra years to bring its deficit below EU-mandated limits.
It is the brainchild of recently appointed Prime Minister Manuel Valls and targets the country’s generous welfare system in an aggressive drive to cut state spending.
More than 40 percent of the savings will come from cuts in social benefits and healthcare, another 18 billion is to be trimmed from the budgets…
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