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Spain Unveils $79 Bln in New Austerity Plan
MADRID (AP) — Spain’s government imposed further austerity measures on the country Wednesday as it unveiled sales tax hikes and spending cuts aimed at shaving €65 billion ($79.85 billion) off the state budget over the next two and a half years
A day after winning European Union approval for a huge bank bailout and breathing space on its deficit program, Prime Minister Mariano Rajoy warned Parliament that Spain’s future was at stake as it grapples with recession, a bloated deficit and investor wariness of its sovereign debt.
“We are living in a crucial moment which will determine our future and that of our families, that of our youths, of our welfare state,” said Rajoy.
more:
http://www.nytimes.com/aponline/2012/07/…l?ref=news
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