'We better cut spending if we don't want to become Argentina,' Spanish official

The President of the Community of Madrid, Esperanza Aguirre, has warned about the “difficult” situation Spain is going through, and said “If we don’t want to become another Argentina, with a ‘corralito’ and inflation rates around 20-40 percent, we must cut the public spending and find the accounts’ balance.”

“We have to cut all subsidies, though I’m not of the idea of increasing taxes”, Aguirre told reporters and added: “This is very simple, we can’t spend more than what we make.”

Likewise, the official stated that “it is necessary to make some cuts at several public offices’, which unveils to possible job cuts of civil servants.