BY JONATHAN HOUSE
MADRID?Spain's government on Tuesday moved forward with its plans to institute new controls on spending by its powerful regions, an essential part of its effort to slash one of Europe's largest budget deficits.
Budget Minister Crist?bal Montoro said the country's 17 regions have agreed to surrender some autonomy and submit to new legislation that will set penalties for failure to comply with budget targets, two weeks after the new government of Prime Minister Mariano Rajoy announced a much-higher-than-expected 2011 budget deficit of 8% of gross domestic product.
The agreement represents a big reversal for Spanish regions, which have a long ...
BY JONATHAN HOUSE
MADRID?Spain's government on Tuesday moved forward with its plans to institute new controls on spending by its powerful regions, an essential part of its effort to slash one of Europe's largest budget deficits.
Budget Minister Crist?bal Montoro said the country's 17 regions have agreed to surrender some autonomy and submit to new legislation that will set penalties for failure to comply with budget targets, two weeks after the new government of Prime Minister Mariano Rajoy announced a much-higher-than-expected 2011 budget deficit of 8% of gross domestic product.
The agreement represents a big reversal for Spanish regions, which have a long ...
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