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First Released: 29/01/2010 13:19:00
Analyst: Gabor Ambrus
Headline: POLAND BUDGET - Mixed feeling about the fiscal consolidation plans

* PM Tusk's fiscal consolidation plans are a step forward but just a small one

* the plans suffice for now but may not suffice if sovereign financing conditions materially worsen

* some confidence issues remain, plans mainly a pledge that need to be put in action, details sketchy

Judging by the initial reactions, markets seem to like the long awaited fiscal consolidation plans PM Tusk and FinMin Rostowski announced on Friday. We have however more mixed feelings about the plans; following a bullet point wrap-up of what was announced we explain our reservations in more details. What the plans contain: - a spending growth cap on non-fixed budget expenditures set at a real 1% per annum - pension reform that will imply the raising of the age of retirement and curbing some entitlements with details to be specified later this year - the reduction of the budget deficit to below 3% of GDP by 2013 via unspecified... View the rest of this report

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