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Published: Wednesday January 15, 2014 MYT 12:15:02 AM
Updated: Wednesday January 15, 2014 MYT 12:16:09 AM

France to cut 50 billion euros in spending in 2015-17 - Hollande

French President Francois Hollande addresses a news conference at the Elysee Palace in Paris, January 14, 2014. REUTERS/Philippe Wojazer

French President Francois Hollande addresses a news conference at the Elysee Palace in Paris, January 14, 2014. REUTERS/Philippe Wojazer

PARIS (Reuters) - French President Francois Hollande said on Tuesday he would cut public spending by 50 billion euros (£41.4 billion) in 2015-17, equivalent to a 4 percent reduction in outlays by national and local authorities.

"In 2014, this year, we will save 15 billion," Hollande told a news conference. "In 2015 to 2017 we will unblock 50 billion more. This has never been done before."

The savings would be achieved by a thorough review of all public spending and making local authorities work more closely and efficiently together while preserving France's social model, he said.

(Reporting By Alexandria Sage; Editing by Paul Taylor)

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