Vladimír Urbánek (Kurzy.cz)
Markets  |  July 11, 2012 11:26:46

Rajoy announced budget cuts for 65 mld.EUR

Spanish Prime Minister Mariano Rajoy today introduced anti-crisis measures in the form of tax increases and budget cuts in the overall range 65 mld.EUR. The measure is expected to increase VAT from 18 to 21% and from 8 to 10%, the abolition of tax relief for home buyers, lower unemployment, consolidation of regional governments and the elimination of bonuses for employees in the public report. Budget cuts are bends over twice as high as previously announced. ¨

Special four-percent rate of VAT on basic needs such as bread, remains intact. Rajoy added that the planned new tax regime for the energy sector.

According to Ryjoye would also be privatized airport, rail and port assets of the Spanish government.

The deficit in government finances in the first five months of this year reached a level of 3.41% of GDP, which is a good precondition for the fulfillment of this target set at 3.5%.

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