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France unveils 'fighting budget'

France unveils 'fighting budget'
Spanish banks have been revealed to have a capital shortfall of €60bn, leading to a minister estimating they will need €51.5bn from the European Union to recapitalise them.

The European Commission has responded to the results of the banks “stress test”, saying it expects the rescue package to be in place by November.

It comes after the French government unveiled a series of tax rises in what the country’s prime minister called a “fighting budget”.

Jean-Marc Ayrault said that income tax would increase only for the top 10% of earners, and confirmed the 75% top-rate on those earning over €1m per year.

The country’s socialist government is aiming to make €30bn in savings, two-thirds of which will be accounted for by tax increases, with the rest from a public spending freeze.

Meanwhile there is a report that Greece could look for an EU rescue package similar to Spain's, despite already receiving billions of euros in loans.

A Greek government source told the Independent the country was looking for ways to lessen its burden which may include a "strong recapitalisation of its banks".

Last week, Greek finance minister Yannis Stournaras said the country's economy will have contracted by 25% by the time the recession ends.

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