The French government submitted to parliament a 2012 budget amendment, the plan this year, new tax revenue of 7.2 billion euros, including a huge one-time tax levied on the wealthy families and large enterprises, 3.4 billion euros; the same time, this year's financing needs to cut 3.7 billion euros. At the same time, the Spanish government may be about to launch a size of up to ? 30 billion in spending cuts and tax increases to ensure the completion of this year's deficit reduction goals.
 
France will sign a "rich man's tax"
 
The end of July, the French parliament will vote on the budget amendment. The government hopes to complete the deficit reduction target in the case of weak economic growth. According to the budget amendment, the French government plans to more than 1.3 million euros to net wealth of families charged ? 2.3 billion one-time tax to the big banks and energy companies holding oil inventories charges an extra 1.1 billion euros in taxes.
 
France has pledged will be the 2012 deficit as a percentage of gross domestic product (GDP) rose by 5.2 percent last year to 4.5 percent, to 3% of the EU regulations in 2013. This goal, the country needs to reduce a deficit of 6 billion to 10 billion euros next year need to slash a deficit of 33 billion euros. French Prime Minister Eero announced that France's 2012 official GDP growth forecast from the previous 0.7% down to 0.3% and 2013 GDP growth forecast down from 1.75% to 1.2%. French President Fran?ois Hollande, said that, in the case of a difficult economic environment for the realization of the deficit reduction target, the rich should be held accountable.
 
In addition to the tax increase of 7.2 billion euros, the French government will continue to freeze the scale of 5.3 billion euros of government emergency expenses fund to the fund an additional allocation of 1.5 billion euros.
 
French Budget Minister cards Sark on the 4th, said: "In addition to increased tax revenues, the French government also committed to spending cuts, but cut just like to make a huge ship to slow down it takes time."
According to Reuters, the French debt management agency said, According to the 2012 budget amendment, the country's financing needs this year, reduced from the previous forecast of 184 billion euros to 180.3 billion euros, and has completed a two-thirds of the medium-and long-term debt issuance.
 
Spain intends to push the tightening of the New Deal
 
According to reports, the latest tightening of fiscal policy of the Government of Spain will be included to improve the main consumption tax, the introduction of new energy taxes, reform the pension system, reducing the salaries of civil servants, the highway toll and further substantial reduction of the measures of central and local government spending. Some of these measures will be announced next week, other measures are expected to be released in August with the Spanish government in the new Budget. However, another source revealed that the Spanish Government has not yet made a decision on the latest fiscal austerity and the final size of the program may be much less than 30 billion euros.
 
The Spanish Government's goal is to cut the deficit to reach 3% of GDP this year. The economic data of the first five months of this year, if not launch additional austerity measures, the Spanish government would have difficulty to achieve deficit reduction goals. The next week, the EU could agree to Spain to complete the deficit as a percentage of GDP to 3% of the time one-year extension.
 
However, the Government of Spain, heavily in debt, struggling banking business, the country's banks have applied for 100 billion euros in aid. Analysts are concerned, the introduction of a further tightening of fiscal policy may exacerbate the country's economic slump, the Spanish economy to worsen.
 
The EU's new rotating presidency of Cyprus President Christofias pointed out that the mere tightening of fiscal policy will not solve the debt crisis in Europe, and its efforts to defuse the crisis in Europe austerity policy has been to make the situation worse. He said the lack of other policies with a single tightening of fiscal policy will enable the European welfare system and economic growth compromised. He urged countries to focus on promoting economic growth.



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