France vows to adhere to EU spending rules

LUXEMBOURG, Oct 07 (AFP): France's new finance minister Antoine Armand on Monday will strive to convince his EU counterparts that Paris is serious about reining in its ballooning deficit and complying with the bloc's budget rules.

The new minister will present the national budget on Thursday, which Paris hopes will tackle France's "colossal" debt through spending cuts and new taxes.

On Monday, Armand was in Luxembourg to reassure his eurozone counterparts of France's policy priorities, including bringing the deficit under control.

"We have prepared a budget to strengthen the country's financial and national sovereignty," Armand said during a media briefing hours before his first meeting with EU finance ministers.

He stressed that respecting EU rules is "a question of international credibility".

Armand will also have to persuade the markets that he will achieve his goals.

Brussels has already rebuked France for breaking budget rules, placing the country in a formal procedure in July.