Bloomberg News

Belgium Needs 9.6 Billion Euros of Cuts to Meet 2012 Budget Goal

October 31, 2011

Oct. 31 (Bloomberg) -- Belgium needs to cut spending or raise taxes by 9.6 billion euros to meet its target of a 2.8 percent budget deficit next year assuming economic growth of 0.8 percent, the High Council of Finances said in a report published on the Brussels-based National Bank of Belgium’s website.

To meet their respective goals in Belgium’s Stability Pact, the federal government and social security need cuts of almost 8 billion euros, while regional governments face 0.3 billion euros of cuts and local authorities face 1.3 billion euros of cuts, according to the report.

To contact the editor responsible for this story: John Martens at jmartens1@bloomberg.net


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