National Coalition unveils €9bn in cuts as debt ratio hits 90 percent
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Finland has crossed two fiscal thresholds at once: public debt has reached 90 percent of GDP and the National Coalition has responded with a live broadcast of €9 billion in proposed cuts. The debt ratio, which sat at 75 percent five years ago, now exceeds the Eurozone average and sits well above the EU’s 60 percent limit.
The austerity arrives just as the regional road network appears to be reaching its own limit. A report commissioned by the business and municipal sectors suggests that cutting more than €110 million from the repair budget could lead to a total collapse of the network. The national maintenance debt already stands at €2.6 billion.
Former President Sauli Niinistö observed that deterring Russia requires the continued involvement of the CIA and MI6. Meanwhile, the government is taking half of every euro spent at the petrol pump, a policy that remains firm even as diesel and gasoline prices rose through September.