France announces huge budget cuts

France announces huge budget cuts
Monday, November 7, 2011 - 9:00am

France's Prime Minister announced plans monday to slash 89 billion dollars from the country's budget by 2016. The French Prime Minister announced an immediate cut of nine and a half billion dollars to the 2012 budget and an additional 16 billion cut for the following year.

France is the Euro Zone's second biggest economy and the cuts are part of an effort by the country to protect its top notch credit rating. The cuts come as Greece teeters on default with Italy feared not to be much farther behind.

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