Spain halves deficit with painful austerity cuts

  • Business Premium
  • Thursday, 02 Sep 2010

MADRID: Spain's deficit is down sharply thanks to an unpopular cocktail of tax hikes and austerity cuts — good news for a government fighting to ward off fears it might need a bailout like the one that saved Greece from bankruptcy.

Still, with a fifth of the work force out of a job and businesses struggling to survive, the spending cuts that are helping the budget are likely to keep any economic recovery subdued.

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