Spain says social security deficit worse than feared

5th January 2012, Comments 0 comments

Spain's new right-leaning government said Thursday the social security fund's accounts are worse than had been feared, with a 2011 deficit of 668 million euros ($856 million).

Deputy Prime Minister Soraya Saenz de Santamaria unveiled the figure after a cabinet meeting aimed at trimming the public deficit.

The previous Socialist government had forecast a social security surplus equal to 0.4 percent of gross domestic product for 2011.

Secretary of state of social security, Tomas Burgos, on Tuesday warned that Spain's social security accounts had gone into the red in 2011 but he did not provide figures.

Spain has posted a social security surplus since the late 1990s.

© 2012 AFP

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