PARIS (REUTERS) - French President Francois Hollande said on Tuesday he would cut public spending by 50 billion euros (S$87 billion) in 2015-17, equivalent to a four per cent reduction in outlays by national and local authorities.

"In 2014, this year, we will save 15 billion," Hollande told a news conference. "In 2015 to 2017 we will unblock 50 billion more. This has never been done before." The savings would be achieved by a thorough review of all public spending and making local authorities work more closely and efficiently together while preserving France's social model, he said.