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The Balearic Minister for the Economy Josep Ignacio Aguilo , pictured above, thanked the people of the Balearics yesterday for all their help in the massive austerity drive which has been launched by the government.

The Balearics ended last year with a budget deficit of 482 million euros, just below the target which had been set by the Central administration in Madrid. “In 2011 our budget deficit was 1'116 million euros and it is quite remarkable that we have managed to reduce this figure so substantially,” he said yesterday. “Without all the budget cuts we would have been in big trouble...”