France seeking $18.2 billion in 2014 spending cuts: Report

France is seeking USD 18.2 billion (14 billion euros) in spending cuts for next year in order to reduce the country’s public deficit, Le Monde reports.

The French daily said in its report that the Socialist government of President Francois Hollande is pursuing the cuts to reduce the public deficit to three percent of economic output by 2015.

The French government reportedly aims to cut ministerial budgets and state aid to companies, and reduce local government funding.

The report added that ministries will also be expected to slash two percent from operating budgets through public purchasing reform.

Lawmakers are to meet for a debate on the government’s 2014 budget on July 2.

Earlier this month, France’s National Institute of Statistics and Economic Studies (INSEE) said the country’s overall unemployment rate has reached a 14-year high of 10.8 percent.

An estimated 1.9 million French youths aged 15-29 are known as NEETS which means neither in employment, nor in education, or in training.

On June 26, INSEE confirmed that France is in recession, after registering two consecutive quarters of negative economic growth. It said that the European country’s economy had contracted by 0.2 percent in the first quarter of the year.

A survey recently conducted by Ifop also showed that Hollande’s popularity rating has dropped by nearly 30 percent.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland, and Spain.

The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered massive demonstrations in many European countries.