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Spain to cut spending to rein in deficit

Spain to cut spending to rein in deficit

Spain's government says it will cut spending by nearly (EURO)50 billion ($70 billion) to rein in a deficit that has swelled to 11.4 percent of GDP as the country struggles with recession.
Finance Minister Elena Salgado said the government's goal with the 4-year austerity plan is to trim the deficit to the EU limit of 3 percent of GDP in 2013.
She told a news conference Friday that practically all government expenditure and policies will be affected by the cuts, except for social welfare benefits such as unemployment benefits, as well as investment in research and development and spending on education, foreign aid and anti-terrorism efforts.
The 11.4 percent deficit figure for 2009 compares to 3.8 percent at the close of 2008.


Updated : 2021-08-05 13:53 GMT+08:00