MNI BRIEF:Eurogroup Chair Sees France, EU Paring `25 Borrowing

Eurogroup Chair Paschal Donohoe said Thursday he's "very confident" France and all EU member states will reduce public borrowing next year, following news France's deficit would be 5.1% of GDP this year, well above the 3% of GDP EU limit on net borrowing.

"We have confidence in their continued ability to manage their level of borrowing," Donohoe said.

He also noted the commitment made at the March Eurogroup meeting by euro zone states to adopt a slightly contractionary fiscal stance next year, adding: "We are very confident all member states will play a role in steadily reducing borrowing next year." The comments come as new EU fiscal rules are set to enter into force at the end of this month and the EU readies to trigger excessive deficit procedures against as many as eight EU states, including France and Italy.