The Spanish government will save more than 27 billion euros in 2012 through forcing corporate taxes, putting civil servant wages on hold in addition to cuts targeting ministerial spending cuts, according to the Deputy Prime Minister, Soraya Saenz de Santamaria.

Santamaria said the ministries will see an average reduction of 16.9 percent ... there will be adjustments of over 27 billion euros through revenues and through spending, adding that this government will not raise value added tax but is calling for an extra effort within corporate taxes.

The Spanish Premier Mariano Rajoy explained previously that the nation will cut deficit to 5.3% of the GDP this year from 8.5% seen in 2011.