Crisis: Spain to cut spending by 10% of GDP in 3 yrs

102 bln euro cuts in 2013-2014 budget, 50% more than expected

03 August, 19:45

(ANSAMed) - MADRID, AUGUST 3 - In a combination of increased revenues and spending cuts, the Spanish government foresees cutting 13.118 euros in 2012, 29 billion euros in 2013 and 50.1 billion euros in 2014, according to the 2013-2014 budget it sent the EU in exchange for an extension on its deficit-reduction deadline.

This equals 102.149 billion euros over three years, or 10% of national GDP. The cuts are 50% higher than those previously announced by the Rajoy administration. (ANSAMed).

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