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The budget plan presented by Spain to the European Commission on October 17 provides for an additional €17.5bn of austerity measures in 2014 and 2015, reports El País.
The burden of "two more years of severe cuts” will be shared between municipal and regional administrations, and spending will be pared back “well into the election period" just before local and regional polls, points out the daily. Revenues will come from tax increases, the sale of assets and the termination of certain public services.
El País notes that whereas the plan foresees a deficit of 5.8 per cent of GDP in 2014 and 4.2 per cent in 2015, it offers a better outlook for the two years that follow, predicting that GDP will rise by 1.2 and 1.7 per cent respectively.
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