Excellent! Spain budget: Cuts to total 27bn euros this year

Spain is cutting 27bn euros ($36bn; £22.5bn) from its budget this year as part of one of the toughest austerity drives in its history.

Excellent! Spain budget: Cuts to total 27bn euros this year 593969410143972361

Changes will include freezing public sector workers' salaries and reducing departmental budgets by 16.9%.

The government says it will raise 12.3bn euros this year, aided by an increase in tax for large companies.

Deputy Prime Minister Soraya Saenz de Santamaria said the nation was in an "extreme situation".

"Our top priority is to clean up public accounts," she said.

"This is a moment that demands serious efforts to reduce spending but also structural reforms to cause the economy to grow and create jobs."

But economists are questioning whether the cuts will be enough to satisfy Spain's European partners.

http://www.bbc.co.uk/news/business-17557172

Excellent! Spain budget: Cuts to total 27bn euros this year

Excellent! Spain budget: Cuts to total 27bn euros this year

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