Finland might require more austerity next year: minister
ReutersHELSINKI--Finland may need to trim a further one billion euros (US$1.35 billion) from public spending next year to rein in its debt and must push through welfare reform despite opposition if it wants to keep its triple-A rating, a minister said.
September 25, 2013, 12:08 am TWN
Carl Haglund, defence minister and the leader of the small Swedish People's Party, said in an interview published in Helsingin Sanomat newspaper on Tuesday that further austerity was needed to sort out the country's finances.
The Nordic country's officials said last week Finnish debt was expected to breach the European Union's limit of 60 percent of gross domestic product next year, raising doubts over the economy's triple-A credit rating.
The six-party government has already announced spending cuts and tax hikes totalling 5 billion euros to rein in debt in a country, once hailed for its solid finances