(Bloomberg) -- Finland’s government is seeking an additional €3 billion ($3.2 billion) worth of austerity measures to help fix its deteriorating public finances, according to Prime Minister Petteri Orpo. 

Orpo’s pro-business cabinet is convening to its first talks over a four-year budget framework. They’re searching for additional savings and tax increases on top of a €6 billion package outlined in the government’s policy program last year. The Nordic country has run consecutive budget deficits since 2008.

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“Finland will need to balance its public finances and end debt growth,” Orpo told reporters on Monday. A failure to do that could push Finland’s economy into a downward spiral, which could “threaten our welfare system in a significant way,” Orpo added.

In addition to finding ways to cut spending and bring in more tax revenue, Orpo said his cabinet will also seek to boost economic growth and confidence in the Nordic economy. The austerity package, which is expected to be hammered out over two days, will come into force next year.

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