Philippe Waechter, head of economic research at Natixis Asset management, believes the country shouldn't have many difficulties in obtaining approval for a delay –the third in two years – to get its deficit under the Brussels-approved threshold.
"When we look at the French growth process, it's largely dependent on government expenditures, so if there is a strong decrease in public expenditures, it would be a risk for growth in France but also for the whole euro area" explained Waechter.
Welfare in the line of fire
The welfare system will undergo many changes, allowing for over $25 billion of savings to be made over the next three years.
The cuts unveiled on Monday by Marisol Touraine, minister of social affairs, health and women's rights, include a decrease in childcare benefit for higher earners, less parental leave and a cut to the existing child birth benefit.
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Previously, families could receive up to 923.08 euros ($1,164) at the birth of every child but will now receive up to 308 euros ($388.5) for the second and following children.
Additionally, processes will be put in place to cut time spent in hospital and medical practitioners will be monitored and sanctioned if they prescribe too many drugs. All drugs prescribed by a doctor are partially or fully reimbursed in France provided patients are enrolled in government-financed health insurance.
The social security reforms have already been widely criticized by the public but the French President, Francois Hollande stood firm on Tuesday telling a press conference that "no savings program is painless".