Irish Times. Spain announces austerity plan. 27.09.2012

Spain announces austerity plan

Spain announced a detailed timetable for economic reforms and a tough 2013 budget based mostly on spending cuts today in what many see as an effort to pre-empt the likely conditions of an international bailout.

Government ministries saw their budgets slashed by 8.9 per cent for next year, as Prime Minister Mariano Rajoy’s battle to reduce one of the euro zone’s biggest deficits was made harder by weak tax revenues in a prolonged recession.

However, the conservative government said tax revenue would be higher in 2012 than it had been originally budgeted for and would grow 3.8 per cent next year from this year.

Read the full article here.

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Posted on October 16, 2012, in BY COUNTRY, BY DATE, BY LANGUAGE, BY SOURCE, English, Ireland, Irish Times, september 2012. Bookmark the permalink. Leave a comment.

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