Netherlands faces looming €1B deficit after declaring €3.5B surplus: Report

A massive financial setback means that the Nethrelands is now facing a 1 billion euros budget deficit, instead of the previously declared 3.5 billion euros surplus, sources in The Hague told NOS.

According to NOS, healthcare and education did less well financiallly than expected. There were also financial setbacks in other areas.

The spring budget report will be discussed in the Council of Ministers today. More details are expected to be announced after the debate.

Finance Minister Jeroen Dijsselbloem responded by these reports by saying that those who spread this story "have no sense of budgets", NU.nl reports. "Yes there are setbacks. And they will be presented in the spring report. But those really don't affect the favorable development." Dijsselbloem said. "We are already achieving a good surplus this year, and it will increase in the coming years."