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French budget deficit balloons

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French budget deficit balloons

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France’s budget deficit reached a new record of 143.3 billion euros in November.

That is more than double the level of a year earlier.

However Budget Minister Eric Woerth has told the cabinet that for all of last year the budget deficit should come in at less than 140 billion.

The economic crisis caused tax revenue to fall as expenditure increased.

In November last year the French government’s net revenues were 203 billion euros, down from 257 billion in November 2008.