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Bonds News

Spain's PM announces 1.5 bln euros spending cuts

MADRID, Feb 10 (Reuters) - The Spanish government, which has launched a major fiscal stimulus plan, will cut other non-financial spending in other areas by 1.5 billion euros ($1.94 billion) this year in order to limit the budget deficit, Prime Minister Jose Luis Rodriguez Zapatero said on Tuesday.

“This cut comes on top of the spending restraint in the budget,” Zapatero told parliament.

The government expects the budget deficit to reach about 6 percent of gross domestic product this year, from a surplus of about 2 percent of GDP in 2007. (Reporting by Manuel Maria Ruiz; writing by Jason Webb)

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