Spain approves 2011 'austerity' budget

Monday, September 27, 2010

MADRID - The Spanish government has approved an austerity budget, including a tax rise for the rich and eight percent spending cuts.

Presenting the details, Finance Minister Elena Salgado described the outline 2011 budget as "austere".

Madrid has promised European counterparts to cut its deficit to 6% of its gross domestic product (GDP) next year, from 11.1% last year.

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Spain approves 2011 'austerity' budget

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