Spain outlines budget cuts

on 15/07/2012 15:32:15

Spain's government has published details of how it will impose taxes and cut budgets to shave €56.4bn from its deficit by 2015 as it strives to achieve targets agreed to with the European Union.

A statement on the Economy and Competitiveness Ministry's website said the government will accrue €34.4bn from increased taxation and achieve the rest through expenditure cuts, although the total does not reach the €65bn that the government approved on Friday.

Newspaper El Mundo said today in an editorial that it was surprised the figures were published in English "destined for foreign investors and press" but not in Spanish.