Finland Unveils €3 Billion Austerity Package to Halt Debt Growth

Finland’s government agreed on a €3 billion ($3.2 billion) of additional austerity measures aimed at balancing the Nordic country’s deteriorating public finances.

The pro-business cabinet of Prime Minister Petteri Orpo will cut spending by €1.6 billion and raise €1.4 billion more revenue through tax hikes through 2028, the government said in a news conference on Tuesday. The measures, which come on top of a €6 billion package outlined in the government’s policy program last year, will aim to halt Finland’s debt growth in the next four years.