FACTBOX-Spanish media comment on emergency austerity plan

MADRID, May 21 (BestGrowthStock) – Spain’s Socialist government
approved a raft of emergency measures late on Thursday to pare
state spending and start closing a yawning budget deficit.

The plan includes average civil servant pay cuts of 5
percent and a freezing of old age pensions in 2011. Growth
forecasts for 2011 were revised down to 1.3 percent from 1.8
percent.

Following are extracts from Spain’s main newspapers on
Friday about the spending cuts:

EL PAIS, BEST-SELLING LEFT-LEANING NEWSPAPER

“Public finances run the risk of sinking if drastic cuts are
not swiftly applied to spending.

“Evidently, cuts in investment will impede the recovery of
the economy, but the absolute priority is to avoid the collapse
of the state accounts.”

EL MUNDO, widely read, close to right-wing opposition

“Government spending shot up to try and get us out of
recession and now we’re even worse than before. This means all
that money spent was wasted without stimulating any growth.

“Yes, we have to tighten our belts, there’s no option. But
it’s clear that the root of the problem is not an international
virus infecting everyone, like swine flu, but irresponsible
policies dreamt up only to win elections.”

ABC, the most conservative daily

“The government has not implemented these measures in good
faith, they stem from decisions made beyond our shores. They are
made up on the spot, they do not guarantee a substantial cut in
the deficit, they increase social dissatisfaction and they make
clear this government’s inability to lead an economic recovery.”

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FACTBOX-Spanish media comment on emergency austerity plan