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Finland’s government raised its borrowing estimate for this year as it announced a capital transfer to the European crisis fund.
Borrowing will be a net 8.7 billion euros ($11.1 billion) this year, up from 7.5 billion euros announced March 22, the government said on its website today. Government debt is expected to be at 45 percent of gross domestic product at the end of 2012.
The biggest spending increase in the proposal is the capital transfer of 1.4 billion euros to European Stability Mechanism, set to start operation by July 1.
The proposal will be sent to parliament and published in its entirety on May 24. The preliminary date for parliament’s vote on the proposal is set on June 19, parliament spokesman Sami Pekola said by phone.
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