j.m@talk
12-12-2003, 05:27 PM
VALLETTA (Reuters) - There will be no Christmas cheer at the Malta Stock Exchange this year on the orders of a government calling for a tough financial year.
The exchange withdrew invitations for a Christmas reception on Wednesday after cabinet ministers seeking to rein in a bloated budget ordered all departments and companies to save money by canceling their Christmas parties.
Former finance minister Lino Spiteri described the government's decision as a panic measure which has beggared what was already expected to be a thin Yuletide season on the small Mediterranean island state.
"In their collective wisdom ministers have followed on the budget spirit-dampening measures with instructions to a bedraggled Santa Claus to veer off with whatever little cheer he was bringing along to public employees and families," he said.
The government warned in its 2004 budget last month that it would slash spending to cut a ballooning public sector deficit which grew to 6.3 percent of Gross Domestic Product this year from a projected 4.1 percent.
It has not disclosed how much it expected to save by canceling Christmas celebrations.
The exchange withdrew invitations for a Christmas reception on Wednesday after cabinet ministers seeking to rein in a bloated budget ordered all departments and companies to save money by canceling their Christmas parties.
Former finance minister Lino Spiteri described the government's decision as a panic measure which has beggared what was already expected to be a thin Yuletide season on the small Mediterranean island state.
"In their collective wisdom ministers have followed on the budget spirit-dampening measures with instructions to a bedraggled Santa Claus to veer off with whatever little cheer he was bringing along to public employees and families," he said.
The government warned in its 2004 budget last month that it would slash spending to cut a ballooning public sector deficit which grew to 6.3 percent of Gross Domestic Product this year from a projected 4.1 percent.
It has not disclosed how much it expected to save by canceling Christmas celebrations.