Hollande: French deficit 'worse than previously indicated'

The President Elect of France, Francoise Hollande, has had his first look at the state of the country's finances.

Mr Hollande said the deficit is worse than the outgoing government had indicated.

It means he may have to abandon some of his pre-election promises and make fresh spending cuts and tax hikes.

Mr Hollande has now ordered an audit of the state accounts to be completed by the end of June.