Europe round-up: Germany to spend extra €6bn to fund record influx of 800,000 refugees, and more

11 Sep 15

A round-up of public finance news stories from Europe you might have missed.

Germany to spend extra €6bn to fund record influx of 800,000 refugees

States and local governments will be given €3bn while federal government allocates €3bn extra to pay for benefits, says ruling coalition. (The Guardian)

Irish economy to grow by around 6% in 2015 after strong second quarter

Ireland’s government expects the economy to grow by around 6 percent this year, far more than originally forecast, after data showed that it grew by 1.9 percent quarter-on-quarter from April to June. (EuroNews)

Italy to seek EU flexibility for Renzi's tax cuts, adviser says

Italian Prime Minister Matteo Renzi will finance 35 billion euros ($39 billion) of tax cuts through lower government spending and an appeal to Brussels for more flexibility on budget targets, according to his economic adviser. (Bloomberg)

Finland to raise taxes on the wealthy to cover refugee costs   

Finland's government proposed increasing capital gains tax and income tax on high earners to help pay for a 10-fold increase in refugees expected to arrive this year, its finance minister said. (Reuters via Yahoo News)

Cyprus: audit chief should butt out, minister says

Auditor-general Odysseas Michaelides should stick to his own duties and not try to replace the executive branch of government and the legal service, Interior Minister Socratis Hasikos said. (Cyprus Mail)

Welsh government loans to airport 'could breach EU rules'

Multi-million pound Welsh government loans to Cardiff Airport may break European state aid rules, UK government officials have warned. (BBC News)

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