France sticks to cutting 2014 spending despite poor growth

French Prime Minister Jean-Marc Ayrault on Tuesday reiterated the government's pledge to trim public spending next year and to stabilize the public expenditure in 2013 to bring down the country's budget gap. "I have been committed to a saving program for state spending, this will be achieved ... Putting our finances in order is necessary to regain room for maneuver," the prime minister stressed. "Obviously, with low growth, revenues are lower. But, the government is holding the bar," he added. Looking to 2014, the Socialists want to cut the public spending by 1.5 billion euros (1.96 billion U.S. dollars) mainly by squeezing expenditure of local authorities and ministries. They set 3.7 percent deficit target in 2013 and zero gap by 2017 via competitiveness stimulus and spending cut. (1 euro = 1.312 U.S. dollar)