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Moody’s: Cutting deficit will be hard

CONSOLIDATION of the public finances as projected in the state budget for 2013 might not be sufficient to cut the deficit below 3 percent of Slovakia’s GDP, according to Moody’s rating agency, as reported by the Hospodárske Noviny daily on January 10.

CONSOLIDATION of the public finances as projected in the state budget for 2013 might not be sufficient to cut the deficit below 3 percent of Slovakia’s GDP, according to Moody’s rating agency, as reported by the Hospodárske Noviny daily on January 10.

“It will be demanding for Slovakia to achieve its aim to cut the public finance deficit to under 3 percent of GDP this year,” Jaime Reusche, the assistant vice president of the Analyst Sovereign Risk Group at Moody’s, said as quoted by the daily.

The main factor that could threaten the government’s aim of cutting the deficit is the fact that in 2012 it was higher than planned, as well as the slowing growth of the country’s economy and the subsequent decrease in the collection of taxes.

The Finance Ministry reiterated that getting below 3 percent of GDP is its priority, but admitted that it is a demanding goal, Hospodárske Noviny wrote.

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