PARIS – France's finance minister says the country will miss the European Union's deficit target for three more years and he is lowering growth projections for this year and next.
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Finance Minister Michel Sapin said France's deficit would be around 4.3 percent of GDP in 2015 and would not dip under the 3 percent target for EU countries until 2017. He revised down the country's growth figures yet again to 0.4 percent this year and 1 percent for next year, down from initial projections of 1.7 percent.
France's economic troubles mirror a broader lack of growth in Europe. Sapin said "an economic reality that concerns all of us" needed to be taken into consideration, although he said France was not requesting a change in the rules.