URGENT ¥¥¥ Hollande warns EU budget cuts must not hurt growth

French President Francois Hollande warned Tuesday that cuts to the EU's trillion-euro budget for 2014-20 were needed but must not be allowed to undercut fragile growth.

"Yes, make cuts but weaken the economy, no," Hollande told the European parliament just days before EU leaders take up the budget again after a November summit failed when several member states, led by Britain, called for sharp cuts at a time of austerity.