Finance minister: France to avoid recession

French Finance Minister Francois Baroin said on Thursday France was the only eurozone member expected to avoid recession after meeting its growth target last year. Speaking to the local broadcaster Europe 1, Baroin said that Paris was "the only country which recorded growth in the last quarter (of 2011)." "We reached our growth target. On the contrary of economists estimations, we are the only country to avoid recession," Baroin noted. France's gross domestic product (GDP) growth stood at 1.7 percent in 2011 thanks to increased households purchasing power which gained 0.3 percentage points to 1.1 percent with saving rate stood at 16.8 percent, its highest level in three decades. France estimates a GDP growth of 0.7 percent this year and 1.75 for 2013. However, the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) estimated the government's 2012 growth target optimistic and expected growth to stand at 0.2 percent and 0.3 percent respectively. Baroin noted also the "need of stability for France and Europe," adding that it was "dangerous and threatening idea to question the (European) treaty." "We did not need to change and fantasy," the minister said, referring to socialist presidential candidate Francois Hollande's plan to renegotiate the European fiscal pact if he is elected.