Spain faces cuts of €20 billion

13 Dec

Spain is facing EU subsidy cuts of €20 billion, which means that for the first time it will become a net contributor – that is, paying more in than it gets out.

The reduction, scheduled for the period 2014 to 2020, will reduce Spain’s GDP by 2%, further weakening the country’s already fragile economy.

The cuts will affect agricultural subsidies by 17% and ‘cohesion funds’, payments made to help balance disparities between the regions, by 30%.

http://www.businessownersdirect.com

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One Response to “Spain faces cuts of €20 billion”

  1. insiderhedge December 13, 2012 at 1:02 pm #

    Reblogged this on Insider Hedge.

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