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Finland cut spending, raise taxes in 2012
HELSINKI : Finland 's finance ministry proposed a 52.2 billion euro ($73.53 billion) budget for 2012 on Thursday, with
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The ministry on Thursday said it also wanted to raise tax revenue by 1.1 billion euros.
As a result, government debt should total 88 billion euros, or around 44 percent of gross domestic product (GDP), it said. That would be an improvement from the 48 percent debt-to-GDP ratio at the end of 2010.
Finland has a triple-A credit rating and one of the lowest debt ratios in Europe, but policymakers are aiming to bolster its balance sheet due to an ageing population and expectations of slow economic growth ahead.
Other policymakers are expected to discuss the proposals next week
Copyright Reuters, 2011