Government approves 2010 budget with 230-billion-crown deficit
The government approved a budget for 2010 on Wednesday night with a deficit of 230 billion crowns (13.1 billion USD). A package which would lower the deficit to around 160 billion crowns (9.1 billion USD) will be finalised next week, Czech Prime Minister Jan Fischer said. The set of proposals would drastically cut government expenditure and raise taxes in certain areas, Finance Minister Eduard Janota told journalists. Mr Janota has previously warned that if next year’s state deficit is not curbed, the Czech Republic will find itself in a dire financial situation.