The government has a tough task ahead as it puts measures tog e t h e r t h at would result in €12 billion of adjustments by 2011. In mid-January, the government foreshadowed a budget deficit rising to €22 billion by 2013in the absence of policy action. It promised to cut this prospective deficit to €5.5 billion instead - by raising revenues and/or reducing public spending by a net €16.5 billion between 2009 and 2013.
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