The government of Spain is set to approve today a national reform plan and a budget for 2013 with a further 40 billion cut in public spending after the 65 billion 2012 budget approved only five months ago. Among the measures anticipated by the media are a limit set on anticipated retirements, the creation of an independent authority for fiscal stability, the end of a number of tax exemptions and a new freeze on the salaries of public employees for the third consecutive year. The measures are in line with the EU's recommendations to regain investors' confidence and avoid new conditions to a request of a soft bailout of the economy which the government of Mariano Rajoy is reportedly negotiating to activate the ECB's intervention for the acquisition of the Spanish debt. The new anti-deficit cuts worth 40 billion will be more significant than those in the 2012 budget approved five months ago providing for cuts totaling 27.3 billion to reduce the deficit from the 6.3%, which Madrid hopes to fulfill in a year, to the 4.5% forecast in 2013. The expenditure limit will reach 126.792 billion, 9.2% more than in 2012, although the non-financial expenditure limit is less than 73.5 billion.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor