.png)
.png)
Spanish PM to announce new austerity measures
The Spanish Prime Minister is expected to announce new austerity measures to balance the budget and reduce the countries deficit despite protests in Madrid.
Prime Minister Mariano Rajoy warns Spain of further austerity measures following eurozone bailout
A new set of austerity measures are shortly due to be presented by Spanish Prime Minister Mariano Rajoy in parliament in an attempt to balance the budget.
Spanish miners in their hundreds arrived in Madrid to protest proposed cuts by the government to coal industry subsidies from €301 million in 2011 to €111 million in 2012 which could threaten 30,000 jobs and ruin the industry.
Increased VAT as well as cuts to social security and unemployment benefits are expected to be included in Rajoy’s austerity measures which are to be implemented after receiving a eurozone bank bailout.
The measures are also intended to reach Spain’s deficit reduction targets and fulfil European leaders’ expectations of a credible Spanish plan for practicality.
The Spanish Prime Minister had previously warned the country that further austerity measures were underway while budget minister Cristobal Montaro warned of increasing VAT.
