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Winnipeg Free Press - PRINT EDITION
New Greece, Spain cuts
MADRID, Spain -- Spain and Greece outlined plans Thursday to further reduce government spending and raise taxes to convince international lenders and financial markets they are on the right track to cut their deficits.
The latest round of belt-tightening comes as economies across Europe get weaker and public resentment toward austerity grows stronger.
Many analysts see Spain's plan to slash its deficit in 2013 as a signal that it's preparing to request a financial lifeline from other governments and the European Central Bank. To receive this help, countries must first show they are serious about reining in deficits.
"This is a budget in times of crisis but one to help get out of the crisis," Deputy Prime Minister Soraya Sáenz de Santamara said.
For similar reasons, Greece's coalition government agreed to cut spending over the next two years by $14.77 billion.
Financial markets cheered the budget-cutting. In Europe, stocks came back from one of their worst days in months in expectation of the Spanish measures.
-- The Associated Press
Republished from the Winnipeg Free Press print edition September 28, 2012 B5
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