France says can meet deficit goals without austerity

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France will meet a goal to cut the public deficit to within an EU ceiling of 3 percent of gross domestic product in 2013 and can do so without imposing large-scale austerity cuts, Finance Minister Pierre Moscovici said on Thursday.

Moscovici said a 2012 budget adjustment bill to be submitted to parliament in early July after an indepth audit of public finances would focus on raising revenues, mainly through higher taxes and in part through savings in government spending.

"France has made a commitment to its partners to reduce the deficit to 4.5 percent in 2012 … and 3 percent in 2013. We will meet these targets," Moscovici said on France 2 television.

"We can absolutely meet these targets without austerity measures."

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