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Spain promises sharp budget cuts in bid to EU
Published in Saudi Press Agency on 03 - 02 - 2010


The Spanish government today shared with
the European Union its plans to slash its budget deficit and bring it
closer to eurozone standards, dpa quoted officials as saying.
Presenting the savings plan to EU Commission officials in
Brussels, Spain said it hopes to cut its budget deficit to 9.8 per
cent of gross domestic product (GDP) this year, and down to 5.3 per
cent of GDP by 2012.
Although the 9.8-per-cent figure is 1.6 per cent less than 2009's
deficit, it is still three times higher than the deficit levels of 3
per cent of GDP allowed by eurozone policy, even if those standards
are routinely ignored.
Spain expects to reach the 3-per-cent threshold in 2013, according
to the plan.
However, new borrowing is expected to keep rising until it reaches
a high point of 74.3 per cent of GDP by 2012. That would still mean
Spanish borrowing was at a lower rate than in countries like Greece,
Portugal and Italy, Spanish officials noted.
Also, the Spanish government retracted a part of its original
statement in which it pledged to increase the number of years of
pension contributions required for entitlement to retirement
payments.
The Economics Ministry said those details were included in error
and had only been meant as a hypothetical calculation, not a concrete
proposal.
On Friday, government Prime Minister Jose Luis Rodriguez Zapatero
agreed to some 50 billion euros (69.9 billion dollars) worth of
savings by 2013.


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