Hollande Presses French to Embrace Social Revamp to Spur Growth
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President Francois Hollande pressed the French to accept reduced pension and welfare benefits as part of a national effort to revive a moribund economy and stem a rise in unemployment that has caused his popularity to slump.
In a national television interview last night that lasted more than an hour, Hollande promised to revise a 75 percent levy on salaries over 1 million euros and avoid any new tax increases next year while reducing state spending. The government will cut red tape for businesses and protect the defense budget, he said.