Dutch Authorities Came to Agreement (pt)

Provisional Government of Netherlands came to agreement with the opposition concerning tough economizing measures - the draft law was approved by the majority of votes at the Parliament. The agreement decreased fears over that Holland may lose its highest rating.

The Dutch authorities must provide a plan of deficit cutting to the approved level of 3% of GDP next year until April 30 for the European Commission.

Without austerity measures, the deficit is to remain at 4.6% in 2013, and it will be the fifth limit elevation.

The program includes the VAT advance from 19 to 21% and the bank taxes up to 600 mln euro, and social expenditures reduction.

Austerity measures are introduced for saving 12 billion euro. The Dutch economy, one of the biggest in the European Union fell into recession the second time for the last three years in the second half of 2011.

The unemployment rate rose in the country from 5% to 6%, and the house prices have scaled down by more than 10% since 2008.

A new package of measures may help to ease concerns among the rating agencies, including Standard & Poor's which has changed its forecast to negative on January 13 for Netherlands. The agency announced that the chances of this country to lose its credit rating in 2012 -2013 are 1 to 3.

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