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31/12/2011 10:32 AST
Spanish Prime Minister Mariano Rajoy announced 14.9 billion euros ($19.3 billion) of deficit cuts, with the government’s finances in worse shape than expected and the budget shortfall exceeding European Union forecasts.
The deficit this year will reach 8 percent of gross domestic product, requiring tax increases of 6 billion euros and spending reductions of 8.9 billion euros, spokeswoman Soraya Saenz de Santamaria said at a press conference in Madrid. Spain will finish the year with a budget gap twice that forecast for Italy and more than four times Germany’s shortfall.
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Bloomberg
Ticker | Price | Volume |
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SABIC | 114.77 | 5,915,941 |
Index | Closing | Change |
---|---|---|
NIKKEI 225 | 21,292.29 | -96.29 (-0.45 |
DAX | 12,002.45 | -94.28 (-0.77 |
S&P 500 | 2,614.45 | 32.57 (1.26 |
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