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Incoming Spanish PM outlines spending cuts

12-20-2011 09:36 BJT

MADRID, Dec. 19 (Xinhua) -- Spain's incoming Prime Minister Mariano Rajoy on Monday outlined policies of his Popular Party government to cut public administration spending and reduce fiscal deficit.

In his first speech to parliament, where his party won 186 of the 350 seats in the general election on Nov. 20, Rajoy announced the new government would cut deficit by 16.5 billion euros (21.5 billion U.S. dollars) next year in order to meet Spain's agreement with the European Union (EU) to reduce its deficit to 4.4 percent by the end of 2012.

His government would introduce an austerity program in which all spending would be open to revision, said Rajoy, who will be sworn in on Wednesday, adding that he would pass a major law of budget stability in January 2012.

Increased spending will be seen only in pensions, which had been frozen by the government of outgoing Prime Minister Jose Luis Rodriguez Zapatero in 2010.

"It is the only promise of increased spending that you are going to hear from me today," said Rajoy.

The prime minister elect said his government would pass its first law of labor reform in the first quarter of 2012. Workers would be voluntarily allowed to continue working beyond the legal retirement age of 65, he added.

He also mentioned the nearly 5 million Spaniards who are currently out of work, highlighting the need to create employment.

There would also be reforms to facilitate the granting of credit, which would help stimulate the economy, Rajoy said.

 

Editor:Zhang Pengfei |Source: Xinhua

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