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Madrid Presented the New Package of Measures for Next Three Years |
6 August 2012by Stanislava Pavľáková, JTW
The Spanish government has introduced a new package of measures that should save €125 billion in period of three years with primary aim to resume the reliance of the markets.
In a statement, which was published at the official website of Prime Minister Mariano Rajoy on last Friday, announced that the Spanish Cabinet had sent the plan savings and tax increases to the European Commission.
Cuts in the spending budget will save €13.1 billion this year, next year €39 billion and in 2014, it should be €50.1 billion in Spain. However, in order to achieve the aim in the total saving budget, the Spanish regional governments also must to be involved into economization in the municipalities.
In addition, the Parliament has approved the governmental proposal about the increase taxes and the reduce some social benefits in July. This proposal will help to the cabinet obtain another €billion for its budget. The government pointed out in the saving proposal that the estimates in the economy will return to growth and gross domestic product will grow up by 1.2% in 2014.
The Spanish economy has slumped into recession last year. The flash estimate of the Spanish Statistical Office announced that its performance declined in the second quarter of this year from the previous quarter by 0.4%, which means the third quarter downturn in a row. |
6 August 2012
Journal of Turkish Weekly
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