Dutch government presents budget deal

2012-05-25 13:50:59 GMT2012-05-25 21:50:59(Beijing Time) Xinhua English

THE HAGUE, May 25 (Xinhua) -- Five Dutch political parties presented their austerity deal that complies with the EU budget rules on Friday.

The document that is called 'taking responsibility in times of crisis,' contains measures worth 12.4 billion euros, needed to reduce the budget deficit to 3 per cent of GDP.

Politicians call the measures 'drastic' and fear that 'these plans will hit everyone'.

Especially hit by these budget cuts are commuters whose employers pay their expenses for travelling to and from work. It is expected that they will lose hundreds of euros a year when the benefit is taxed from next year, according to media reports.

The Dutch economy is in recession and the government is facing a budget deficit of 4.6 per cent next year if further spending cuts are not made.

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