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Reply #31: Regions to shore up finances with drastic 2012 budget cuts [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 09:07 AM
Response to Reply #9
31.  Regions to shore up finances with drastic 2012 budget cuts
http://www.elpais.com/articulo/english/Regions/to/shore...

Faced with growing pressure from Madrid to reduce their deficits, regional governments are planning significant cutbacks in public works investment for 2012. Twelve out of the 17 semi-autonomous regions that make up Spain have drafted or finalized their budgets, and these show an average 14-percent cut in public money for infrastructure, or 1.7 billion euros less than this year.

The decision represents a new setback for one of the main engines of job creation in a country with nearly 21 percent of its workforce sitting idle. But the central government wants to ensure that the country meets the overall deficit target set by the EU of three percent of GDP by 2013.

Few regional governments have dared to make cuts in social spending, and even fewer to raise taxes, with the exceptions so far of Andalusia and Aragon. Other parts of the country like Catalonia are experimenting with alternative formulas such as higher rates for water consumption and public transportation, steeper college fees, and a co-payment model for prescriptions obtained through the public health system.
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