HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Economy & Education » Economy (Group) » STOCK MARKET WATCH -- Fri... » Reply #21

Reply #21


Response to Tansy_Gold (Original post)

Fri Mar 30, 2012, 10:59 AM

21. Government announces biggest spending cuts of the democratic era

http://elpais.com/elpais/2012/03/30/inenglish/1333115032_221974.html


Finance Minister Cristobal Montoro Romero announces Spain's 2012 budget plans. / JAVIER SORIANO (AFP)

The Cabinet on Friday approved 27 billion euros of savings for the rest of the year, the biggest spending adjustment seen in Spain’s modern democracy.

Speaking after a meeting of the Cabinet, Finance Minister Cristóbal Montoro described the country’s finances as “critical,” and reiterated that the government’s goal is to bring down the deficit by the end of the year from the current 8.51 percent of GDP to 5.3 percent, in line with Brussels’ demands.

“Spain will keep its good faith by ending the year with a solid deficit figure as we pledged ,” Montoro said.

The government plans drastic spending cuts in all the ministries with an average reduction of 16.9 percent of spending – two percentage points higher than the figure Prime Minister Mariano Rajoy announced on Tuesday. The biggest cuts will be made in overseas aid through international cooperation and development programs, with 594 million euros of cuts.


*** good luck, spain -- you're gonna need it.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 54 replies Author Time Post
Tansy_Gold Mar 2012 OP
Demeter Mar 2012 #1
Demeter Mar 2012 #2
Demeter Mar 2012 #3
Demeter Mar 2012 #4
Demeter Mar 2012 #5
mbperrin Mar 2012 #6
Demeter Mar 2012 #10
mbperrin Mar 2012 #48
DemReadingDU Mar 2012 #50
mbperrin Mar 2012 #53
xchrom Mar 2012 #7
Demeter Mar 2012 #11
xchrom Mar 2012 #12
Tansy_Gold Mar 2012 #16
xchrom Mar 2012 #18
AnneD Mar 2012 #23
xchrom Mar 2012 #8
xchrom Mar 2012 #9
xchrom Mar 2012 #13
Demeter Mar 2012 #25
Demeter Mar 2012 #27
xchrom Mar 2012 #14
xchrom Mar 2012 #15
DemReadingDU Mar 2012 #17
DemReadingDU Mar 2012 #19
xchrom Mar 2012 #20
AnneD Mar 2012 #24
Ghost Dog Mar 2012 #40
AnneD Apr 2012 #54
LineReply Government announces biggest spending cuts of the democratic era
xchrom Mar 2012 #21
Tansy_Gold Mar 2012 #39
Demeter Mar 2012 #42
girl gone mad Mar 2012 #43
Ghost Dog Mar 2012 #46
Demeter Mar 2012 #49
xchrom Mar 2012 #22
Demeter Mar 2012 #26
dixiegrrrrl Mar 2012 #51
AnneD Mar 2012 #28
Demeter Mar 2012 #31
Demeter Mar 2012 #29
Demeter Mar 2012 #30
Demeter Mar 2012 #32
Demeter Mar 2012 #33
Demeter Mar 2012 #34
Demeter Mar 2012 #35
Demeter Mar 2012 #36
Demeter Mar 2012 #37
Demeter Mar 2012 #38
bread_and_roses Mar 2012 #41
Demeter Mar 2012 #44
DemReadingDU Mar 2012 #47
dixiegrrrrl Mar 2012 #52
Demeter Mar 2012 #45
Please login to view edit histories.