Austerity Plan in Austria
12th March 2012On 6th March during a Council of Ministers, the Austrian government approved an austerity plan of 27.9 billion euros in savings to reduce its public deficit and to achieve budgetary balance at the end of 2016. This austerity plan comprises savings of 17.3 billion euros, the creation and increases in taxes of 9.2 billion euros, as well as the reform of healthcare that will lead to savings of 1.4 billion euros. In all the government comprising the major social-democratic (SPÖ) and conservative (ÖVP) coalition aims to save 27.9 billion euros over five years.
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