17 December 2012, 18:01  France: The year 2012 was "particularly difficult"

Next year will be a period of low growth for French economy as well as for the entire Europe, French Finance Minister Pierre Moscovici said in an interview to le Journal du Dimanche on Sunday. The year 2012 was "particularly difficult", and 2013 will be "another very difficult year", he told the French daily. Still the country can achieve the growth target of 0.8 percent next year, he said. Moscovici listed three conditions to meet the growth target; removal of uncertainty in euro area, an improvement of France's competitiveness and strong consumer spending. Fitch Ratings on Friday maintained France's 'AAA' credit rating, citing "its wealthy and diversified economy, stable political, civil and social institutions and its exceptional financing flexibility reflecting its status as a large benchmark eurozone sovereign issuer. The outlook on the long-term rating is 'negative.' Fitch, at the same time, noted that a weakness in France's sovereign credit profile relative to most other triple-A rated peers is the high and rising level of public debt.

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