Sarkozy pledges to cut in deficit, sell reserves

French Finance Minister Nicolas Sarkozy has promised to bring the country's deficit under control and also proposed to sell some of the gold held at the Bank of France.

In his first major economic policy speech since being named in late March, Sarkozy said: "We must ... respect in 2005 the commitment of a public deficit of less than three percent of GDP".

This year he said the government should not spend any more than the 283.7 billion euros (342.2 billion dollars) already budgeted.

In order to

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