Spain proposes $36 billion in budget cuts

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In an effort to avoid following the footsteps of fellow European countries of collecting international bailout money, the new Spanish government made drastic cuts in the 2012 budget.
According to the Wall Street Journal , the new conservative government of Prime Minister Mariano Rajoy cut €27 billion of spending, which is a 9.6 percent decrease from 2011.
This comes as a response to their overspending on public funding last year, including a €6.3 billion increase in taxes. The government deemed the cuts necessary for the Spanish economy to stay afloat according to a World News report.
One of Spain's largest budget cuts will be made possible with major increases in income-taxes according to the Wall Street Journal.

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This page contains a single entry by wait0065 published on April 1, 2012 7:46 PM.

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