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France Has Two More Years to Cut Budget Deficit

France has two year extension, until 2017, to bring its budget deficit below the EU ceiling of 3% of GDP, which is approved by EU finance ministers, France24 reports.

Since 2009 it is the third time France has extending its deficit deadline. France has announced last year in October that the deficit for 2015 would be 4.3% of its GDP, which is still far from EU standards - 3% of total output. There is an expectation that France will be the first Eurozone country which will be fined for breaking deficit rules.

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