Netherlands to Spend EU6 Billion to Stimulate Economy - by Fred Pals and Jurjen van de Pol
The Dutch government will spend more than 1 percent of gross domestic product, or about 6 billion euros ($7.5 billion), to stimulate the nation's economy. The government measures will include temporarily subsidizing company payrolls and speeding up infrastructure spending, Prime Minister Jan Peter Balkenende said at a press conference in The Hague. ``A lot needs to be done, and it is a tough time,'' Balkenende said today. ``Europe has been hit by the financial crisis and there's clearly an influence on the real economy now.''
The Dutch economy came to a standstill in the second and third quarters. It still outpaced the economy of the 15-nation euro region, which slipped into its first recession since the 1999 introduction of the single currency. The European Union is working on a 130 billion-euro ($163 billion) stimulus package to bolster growth, German officials have said.
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