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Spain caps state company director wages

February 17, 2012
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MADRID—Spain's new conservative government says it is placing a cap of euro105,000 ($138,000) on annual salaries for state company directors as part of its austerity push to reduce the country's swollen deficit.

Deputy Prime Minister Soraya Saenz de Santamaria said the government will also restructure public sector companies down from the current 4,000, and limit the number of directors such entities can have on their boards.

She said the measures would trim up to 35 percent from the wage bill.

Saenz de Santamaria could not give a figure for the estimated savings but said Friday it would be "quite high."

The Popular Party government has ushered in labor, financial sector and budget discipline reforms since taking office in December.

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