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France Will Target 3% Deficit in 2013 Budget, Moscovici Says

French Finance Minister Pierre Moscovici said he’ll present a budget for 2013 that will aim for a public deficit of 3 percent of gross domestic product, down from a target of 4.5 percent for 2012.

“The budget is difficult to build,” the minister said today on France 3 television. “I don’t want France to get into Spain’s situation, in which we would pay very high interest rates to pay our debt, which would stifle growth.”

Tax increases will mostly affect rich households and large companies, and will protect small and medium-sized companies, Moscovici said. He ruled out an increase in the so-called CSG and VAT taxes.

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