French President Nicolas Sarkozy said late yesterday in national television he will announce budget cuts of between 6 billion euros and 8 billion euros within the coming 10 days to save France's top rating from a possible downgrade.

The plan which will be on top of the 12 billion euros measures announced in August by the French Prime, might include value added tax increases, probably on products and services, as he ruled out a general increase in his country's value added tax.

Sarkozy lowered growth forecasts as he expects the economy to grow less than 1.75% estimated by the government in August.