France

French Businesses, Unions Worried About Hollande's Spending Cuts Plan

Unveiled plans for 50 billion euros worth of cuts from 2015-2017

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(Reuters)—French business raised doubts on Wednesday over Socialist President Francois Hollande's plan for public spending cuts and structural reform to revive the euro zone's second largest economy.

His allies hailed a new "social democrat" vision for France but unions said they were worried about job cuts to the army of state sector workers and far-left politicians accused him of a sell-out as he moved towards the political center.

Hollande, who has not denied magazine allegations last week of an affair with actress, deflected questions on his personal life at a marathon news conference on Tuesday unveiling plans to find at least 50 billion euros of spending cuts between 2015-2017 and cut corporate charges by 30 billion euros.