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Fin Min loses VAT battle but wins on deficit

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The Cabinet on Wednesday agreed the main lines of its 2012 budget counting on a budget deficit of 3.5% of Gross Domestic Product (GDP) or CZK 105 billion. The final decision represented a rebuff to both Prime Minister, Petr Nečas (Civic Democrats, ODS), and Finance Minister, Miroslav Kalousek (TOP 09), who had been pushing for a more drastic deficit cut.

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