Spain moves to cut deficit from 11% to 6% of GDP

Spanish Prime Minister Jose Luis Rodriguez Zapatero yielded to pressure from the EU and critics by announcing a wide-ranging package of spending cuts. Taken together, the cuts will reduce Spain's budget deficit from 11% to 6% of gross domestic product next year, Zapatero said. Public-sector pay will be cut by 5%, while Zapatero gave himself and government ministers a 15% pay reduction.

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