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New Spanish PM aims for big budget cuts

12-20-2011 08:22 BJT

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Spain's incoming prime minister Mariano Rajoy is promising deep public spending cuts and offering tax breaks for companies in a bid to drag his debt-stricken country out of recession. In his first speech to the country’s new Parliament, Rajoy says he aims to cut the budget deficit by 16.5 billion euros next year, and his government would make more companies eligible for low corporate tax rates.

Spain's People's Party (Partido Popular) leader and incoming Prime Minister Mariano
Rajoy (C bottom) delivers his speech in front of Spanish Parliament Chairman Jesus
Posada during the investiture debate at Parliament in Madrid December 19, 2011.

Spain, the euro zone’s fourth-largest economy, is at the center of the bloc’s debt crisis. The unemployment rate is nearly 23 percent in this country and Rajoy says it will be his government’s priority to create jobs.

Last month, Rajoy’s Popular Party won elections by a landslide over the ruling Socialists. His official swearing-in is due on Wednesday and on Thursday his new government will take office.

Spain's People's Party (Partido Popular) leader and incoming Prime
Minister Mariano Rajoy (R) speaks to Spanish Parliament Chairman Jesus
Posada after delivering his speech during the investiture debate at
Parliament in Madrid December 19, 2011.

 

Editor:Zhang Rui |Source: CNTV.CN

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