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BBC News - Spain budget imposes further austerity measures

Spain has set out its austerity budget for 2013, with new spending cuts but protection for pensions, amid a shrinking economy and 25% unemployment.

Deputy Prime Minister Soraya Saenz de Santamaria called it "a crisis budget designed to exit the crisis".

The new programme of savings, tax rises and structural reforms will be overseen by an new budget authority.

Expectations are growing that Spain will seek a financial bailout from its eurozone partners.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 03:25:59 PM EST
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Spanish government unveils austerity budget for 2013 | News | DW.DE | 27.09.2012

The Spanish government has announced its toughest package of austerity measures yet, as it seeks to bring down the country's high budget deficit. This comes despite two days of sometimes violent protests in Madrid.

Spain's conservative government unveiled 40 billion euros ($51 billion) in spending cuts in its 2013 budget on Thursday.

The austerity measures are the toughest yet as the government of Prime Minister Mariano Rajoy battles to bring down one of the biggest budgetary deficits among the 17 countries that use the euro common currency.

The bulk of the cuts are to government ministries, which are to see their budgets cut by an average of 8.9 percent next year.

by In Wales (inwales aaat eurotrib.com) on Thu Sep 27th, 2012 at 03:53:56 PM EST
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