PARIS (Dow Jones)--French Prime Minister Francois Fillon Monday unveiled the country's second austerity package in under three months including increases in sales taxes, an acceleration of the pension reform and a levy on big business.
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Fillon said the measures announced will save EUR7 billion in 2012, enabling France to meet its target of deficit at 4.5% gross domestic product with growth at 1% rather than 1.75% as previously forecast.
Austerity leads to lower growth, which requires even more austerity, which will lead to lower growth...