Spain - reveals that its budget shortfall for 2011 will be bigger than expected

Published on Dec 30, 2011 by Euronews

http://www.euronews.net/ Spain has revealed that its budget shortfall for 2011 will be bigger than expected as the new government announced tax increases on income and property as well as a freeze of civil servant's wages.

Facing a deficit of eight percent of GDP -- rather than the predicted six percent -- Deputy Prime Minister Soraya Saenz de Santamaria outlined a further nearly nine billion euros worth of public spending cuts.