Hollande gov't readies for budget cuts

France's new Socialist government slashed the country's economic growth forecasts on Tuesday, paving the way for a slew of cuts that are bound to anger many voters after President Francois Hollande promised to avoid austerity. With its debt already due to exceed 90 percent of GDP in 2012, a level at which economists say it starts to sap economic growth, France risks being sucked deeper into Europe's debt crisis unless it stuck to its targets, British Prime Minister David Cameron said earlier UK welcomes any investment from France