France facing 'one of worst deficits' in its history: minister

France now has “one of the worst” public deficits in its modern history, the newly-installed economy minister said Tuesday, confirming new taxes on the wealthy and big businesses are on the table to get finances back in order.

Antoine Armand added that he would be talking to economic actors including unions and bosses’ organisations in a bid to slash government overspending, expected to reach 5.6 percent or more of national output this year — almost double the European Union limit.

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