France's Socialists detail hefty spending cuts

October 1, 2014 8:18 AM

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PARIS (AP) — France's Socialist government has detailed a 21 billion-euro ($26.5 billion) cost-cutting plan, the deepest-ever spending cuts in the country's modern history.

Presenting the 2015 budget Wednesday, Finance Minister Michel Sapin said, "These spending cuts are crucial to our credibility in the eyes of the French and Europeans, they'll be fully applied."

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