Government Rests Deficit Hopes On Autos, But BMI Concerned Over Consumer Profile

Although the Spanish government is attempting to cure its mounting budgetary deficit through a hefty EUR15bn austerity plan (announced on May 12), it has adopted a different, rather unlikely, stance towards the auto industry. The Asociación (Nacional) de Fabricantes de Automóviles y Camiones (Anfac) has reported that the government has earmarked an additional EUR370mn towards the vehicle scrappage scheme - known as Plan 2000E - in an attempt to keep it running until the end of this year.

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