Spain outlines budget cuts

Spain’s government has published details of how it will impose taxes and cut budgets to shave €56.4bn from its deficit by 2015 as it strives to achieve targets agreed to with the European Union.

A statement on the Economy and Competitiveness Ministry’s website said the government will accrue €34.4bn from increased taxation and achieve the rest through expenditure cuts, although the total does not reach the €65bn that the government approved on Friday.