Merkel warns France over budget deficit

October 16, 2014 11:53 AM

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Merkel warns France over budget deficit

German Chancellor Angela Merkel insisted on Thursday that there can be no exceptions to European Union rules on national deficit targets, a clear message to France after it backed off promises to bring down its budget overspend.

France admitted last month that its 2015 budget would shred promises to bring the deficit below the EU limit of 3 per cent of GDP within two years and that its 2014 deficit would increase rather than fall.

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