Spanish government reveals harsh budget cuts plans for 2012 - 3/31/12



Spain’s Deputy Prime Minister Soraya Saenz de Santamaria announced on Friday that the government plans to save more than 27 billion euros in its 2012 budget through freezing civil servant salaries and ministerial spending cuts.
"The ministries will see an average reduction of 16.9 percent ... there will be adjustments of over 27 billion euros through revenues and through spending," she added.
Madrid says the spending cuts are needed to reduce the country's deficit to 5.3 percent of gross domestic product (GDP) this year from 8.5 percent last year.
The Spanish government announced 15 billion euros in cuts in December.
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