Spain waves through 2013 budget

Spain’s parliament formally approved yesterday the budget for 2013, which aims at reducing the country’s public deficit to 4.5 per cent of gross domestic product from 6.3 per cent this year. Ministry budgets will be slashed by 8.9 per cent for next year and public sector wages frozen for a third year as Prime Minister Mariano Rajoy battles to trim one of the biggest deficits out of all the Eurozone states.