France agrees to EU demand to do more to cut deficit, will revise 2015 budget

France's finance minister says the government will revise its 2015 budget after the European Union objected to the country's flouting an agreement on cutting its deficit.

In a letter to EU Economics Commissioner Jyrki Katainen published on the finance ministry website, Sapin said France will bring forward and expand efforts to combat tax evasion. Combined with new forecasts of lower interest expenses and lower contributions to the EU budget, the new measures will cuts France's 2015 deficit by an additional 3.6 billion euros ($4.6 billion).

France is under pressure to get its public finances in order after admitting that its 2015 budget would break promises to bring its deficit below the EU limit of 3 percent of gross domestic product within two years.