Spain's Economy Minister and Deputy Prime Minister, Pedro Solbes last week unveiled plans to balance the national and regional budgets between 2005 and 2007.
Revealing that regional leaders had backed his proposals to amend the country's budget stability law, and to take action regarding a series of tax and other reforms put in place by the conservatiive Popular Party, Mr Solbes announced that they had additionally pledged to balance their own budgets over the next three years.
According to reports in the Spanish media, the Economy Minister revealed that he is hoping to achieve a balanced budget "throughout the economic cycle", although he hinted that he is not opposed to the prospect of a short term deficit in the country's accounts.
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