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Budget cuts approved for 9 regions

Source: Dow Jones - Thu 28th Apr 2011

The Spanish government has approved the deficit-cutting plans of nine regional authorities but has told six others they will have to make further cuts, highlighting the challenges the country faces in closing one of the euro zone's largest budget gaps.

Following a meeting with the country's 17 regional finance chiefs, Spanish Finance Minister Elena Salgado told journalists said that the nine approved plans will result in budget cuts of EUR4 billion.

The regions that didn't get approval for their deficit-reduction plans will face restrictions on long-term debt issuance.

Spain is struggling to slash a budget deficit that was 9.24% of gross domestic product in 2010, more than three times the 3%-of-GDP limit for European Union countries.

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