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“Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande and other ministers racing to undo the potential damage to the country’s reputation as a solid economy for investors.  It came as several high profile individuals, including the actor Gérard Depardieu, have left the country to avoid punitive taxes. Last week it transpired that Bernard Arnault, France’s richest man, had transferred his entire fortune to Belgium, where he hopes to gain citizenship.  France last balanced its budget in 1973. State spending accounts for almost 57 per cent of gross domestic product while public debt has now reached 91 per cent of GDP.”