Irish Times. Spain imposes tough budget in attempt to slash deficit. 28.09.2012

Spain imposes tough budget in attempt to slash deficit

GUY HEDGECOE in Madrid

SPAIN’S GOVERNMENT has presented an austere budget for 2013 and the timetable for structural reforms as the country seeks to slash its deficit and fend off the prospect of a sovereign bailout.

The focus of yesterday’s budget was on spending cuts rather than revenue increases. Government ministries face a cut of 8.9 per cent in expenditure and civil servants’ wages were frozen for the third year in a row.

Finance minister Cristóbal Montoro described the measures as part of “a huge effort to ensure economic growth and create jobs”.

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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