“‘There is a state but it is a totally bankrupt state,’ Mr Sapin said. ‘That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.’ The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn. Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses.”
