By William Horobin

AIX-EN-PROVENCE, France--French Finance Minister Michel Sapin said Sunday the government will concentrate the largest share of a three year spending cut plan in 2015 to finance tax cuts for business and accelerate deficit reduction.

The French government plans to make 50 billion euros ($68 billion) of savings between 2015 and 2017 as it tries to bring down the deficit and stabilize debt levels that are rising towards 2 trillion euros.

The savings will be come from the central state, the health and social security system, and local governments.

"The effort will be shared," Mr. Sapin said. "All this effort for next year will be around 21 billion euros out of the 50 billion we have planned over three years," hesaid on the sidelines of the Rencontres Economiques conference in the southern French city of Aix-en-Provence.

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(END) Dow Jones Newswires

July 06, 2014 08:11 ET (12:11 GMT)

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