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Spain revises up 2011 budget deficit

Spain revises up 2011 budget deficit

Spain's new conservative government has revised up its forecast for the country's 2011 budget deficit to 8 percent of GDP from the 6 percent target of the last government.
Government spokeswoman Soraya Saenz de Santamaria said the new administration approved (EURO)8.9 billion ($11.5 billion) in spending cuts Friday, maintained a freeze on civil servants' salaries and a freeze on practically all government hiring.
Taxes on the wealthiest Spaniards will be raised but temporarily, for two years.
The government is seeking to reassure markets that it has a plan to get a grip on its public finances at the same time as kickstarting an economy saddled with sky-high unemployment.


Updated : 2021-05-09 14:08 GMT+08:00