Spain to cut spending to reduce public deficit

The Spanish government would cut spending by two billion euros (2.26 billion U.S. dollars) after missing the 2015 deficit target, acting Spanish Minister of Finance Cristobal Montoro announced on Friday.

"We missed (the target) and so we are starting to implement the corresponding plans", Montoro said in a press conference after Friday's cabinet meeting, highlighting that the cuts did not affect social spending, security, employment or social security issues.

Spain ended 2015 with a public deficit of 5 percent, which was above the 4.2 percent the country agreed on with Brussels. Endit