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Central Gov't to intervene in Asturias finances

Source: Bloomberg - Mon 14th May 2012
Central Gov't to intervene in Asturias finances

Spain may intervene in the finances of the northern Spanish principality of Asturias because local politicians have failed to form a government that agrees on cuts to its budget deficit.

"Asturias is especially worrying because the interim situation of the government impedes it from adopting revenues and expenses commitments," said the Budget Ministry in a statement yesterday. The Spanish government may apply corrective measures or even takeover the region's accounts, said the ministry.

Asturias's interim government, led by Francisco Alvarez- Cascos former Peoples Party minister, has been negotiating with other parties since March in an effort to form a coalition. Spain's regions control more than a third of public spending and their deficit was almost twice their target last year at 2.9% of GDP. That pushed the nation's shortfall to 8.5% of GDP compared with a 6% EU limit.

Spain approved in March a new budget stability law allowing it to force all regions to comply with deficit reduction goals.

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