Prime Minister Francois Fillon has announced a freeze in the value of government spending over three years, a decline of 10% of operating costs (between 800 and 900 million euros) and 5 billion in savings on tax loopholes .
By the end of the year, despite the tensions, the Member States of the euro area will still find 593 billion euros in the market to finance their deficits and repay their debts.
The states of the eurozone had risen in early May, 40% of their financing needs in 2010, valued at 980 billion euros, according to a study by Barclays Capital.
First "sovereign borrower, Italy still has to raise 162 billion euros, or 65% of its base year. Followed by Germany (136 billion) and France (103 billion). Portugal, whose rating has been damaged last week by Standard & Poor's (S & P), considered less reliable as a borrower, must raise 12 billion euros. As to Spain, attracting the interest of speculators, it must still borrow 64 billion of 97 estimated by Barclays Capital, similar to those of S & P. The figure of 280 billion that has been circulating in recent days and contributed to panic the markets "does not correspond to reality", flies into a rage Laurence Boone, chief economist at Barclays Capital. The total debt of Spain was estimated at 670 million for 2010.
SPAIN:
Jose Luis Zapatero has said again and again to attacks of the market. The leader of the Socialist government has pledged to save 50 billion euros between 2010 and 2013, representing 5.7% of GDP, 40 billion for the central government and the rest borne by the autonomous communities and local . An official in ten will be replaced, which represents an average of 13,000 departures per year. Zapatero also on account of increases in direct and indirect taxes, including raising VAT from 16 to 18%, to raise 11 billion euros extra. And the statutory retirement age should rise from 65 to 67 years. If Madrid rules out new measures, the Opposition considers necessary a new round of screws to hold the appointment of a deficit to 3% in 2013.
IRELAND:
The Irish government has been one of the first to respond, in February 2009, higher taxes and a levy of 7.5% on salaries. Two more shots followed, in April and December, under the 2010 budget, with an immediate reduction in salaries of civil servants, 5-20%, and social benefits (family allowances and unemployment insurance), excluding sections in current expenditure and investment. A carbon tax has also been introduced, the aim being to return below 3% in 2014.
GREECE:
Imposed by the IMF and the European Union, the austerity measures adopted by the Greek Parliament provides 30 billion euros in savings over four years, or 11 points of GDP to reduce the deficit from 14% to 3% 2014. The decrease is equivalent to 6.5% of GDP in 2010. An objective untenable by many experts. The plan provides for spending of 11.1 billion by 2012: less investment, removal of 13 and 14th month salaries of civil servants and pensions for retirees. The VAT increase from 21% to 23% tax on illegal construction is introduced, taxes on alcohol, tobacco and fuel are adjusted upwards. The legal age is pushed back to 65 years for women as for men. The contribution period from 37 to 40 years by 2015.
FRANCE:
Prime Minister Francois Fillon has announced a freeze in the value of government spending over three years, a decline of 10% of operating costs (between 800 and 900 million euros) and 5 billion in savings on tax loopholes . The non-replacement of a staff of two is also confirmed. The government refuses to talk about "austerity plan", a policy that traumatized the France in the early 1980s. The objective is to reduce the deficit of 8% of GDP in 2010 to 6% in 2011, 4.6% in 2012, and 3% in 2013. Is 95 billion euros in savings in three years.
ITALY:
Italy prepares to 26 billion euros of budget savings in two years. The Minister of Economy, Giulio Tremonti, confirmed yesterday that the objectives of reducing the public deficit, which will rise from 5% this year to less than 3% in 2012. The effort made in 2011 will be about 0.8% of GDP or 12.8 billion euros. A maneuver of equal magnitude in 2012. The cuts primarily will involve the ministries' spending, including health. In contrast, the tax cuts remain on the agenda: "the tax burden will be reduced this year to 42.8% of GDP, its level in 2008," said the minister.
PORTUGAL:
The Socialist Prime Minister Jose Socrates, has joined the rightwing opposition to the austerity measures. His plan presented earlier this month in Parliament aimed at reducing the deficit of 9.3% of GDP in 2009 to 2.8% in 2013. It provides a comprehensive privatization program, which should bring six billion euros in state coffers, including $ 1.2 billion on 2010, and increased the tax burden by targeting the high salaries above 150,000 euros to be taxed at 45%. On the expenditure side, the government announced drastic cuts in investment (4.9% of GDP in 2009 to 2.9% in 2013), freezing the salaries of civil servants until 2013 and the replacement of a single pensioner two.
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