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Austrians face austerity package and tax hikes
February 10, 2012
Austria is planning to introduce budget cuts and higher taxes totalling 27 billion euros (36 billion dollars) over the next five years, in a package that was to be decided by the cabinet on Friday.
The austerity measures came after rating agency Standard & Poor’s stripped Austria of its top ranking last month and the government responded by vowing to reclaim its AAA status.
Pensioners and public servants are to bear a large part of the savings, through lower or deferred pay raises, according to statements by politicians and media reports.
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