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Treasury Minister to Meet with Regional Counterparts this Week

Mon 9th Jan 2012
Treasury Minister to Meet with Regional Counterparts this Week

The new Spanish Minister for the Treasury, Cristobal Montoro, is expected to meet with his regional counterparts later this week in order to discuss ways to reduce the country's struggle to reduce the budget deficit.

One of the most urgent issues that the new Partido Popular administration needs to address, Spain's budget deficit currently stands at around 8% of gross domestic product, a result of which Prime Minister Mariano Rajoy has been forced to announce cuts to public spending of almost 15 Billion Euros.

The Minister gave a radio interview this morning, speaking of how "Everybody must take responsibility for reducing the deficit".

In addition to discussing measures on reducuing the regional deficit, Montoro will also be looking at rationalising the number of public owned companies operating throughout the regions, with plans to close as many as 500 of the estimated 4'000 entities.

The regions, which are responsible for most of their own public spending including healthcare and education, will also be held accountable for their budget defict. Recent changes to the Spanish constitution now means that the central government can impose strict spending limits and penalise any regions who surpass them.

Artur Mas, the Catalan Regional President, branded the move "Unconstitutional".

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