MADRID, September 27 (RIA Novosti)
- Europe Markets Choke as Greece and Spain Flounder
- At Least 65 Injured as Police Clash with Protesters in Spain
- Spain Seeks Finance Union as Bond Yields Hit 15 Year High
- Stocks Tumble Worldwide as Italy, Spain Bond Yields Grow
The Spanish government is due to outline its austerity budget for 2013 at an extraordinary Cabinet meeting on Thursday amid a deteriorating economy and the eurozone’s highest unemployment rate, local media reported.
Spain is set to outline 40 billion euros ($51 billion) in savings, which it expects to achieve through spending cuts, tax increases and structural reforms. The savings will be used to pay interest on the foreign debt of the eurozone’s fourth largest economy that will reach about 40 billion euros next year.
This year, the Spanish government has cut budget spending by 27.3 billion euros.
The Spanish media have dubbed the new budget as the “most ascetic” for the entire period of democracy in the kingdom.
The budget comes amid further protests in Spain where the unemployment rate has hit 25 percent and increased expectations that the country will have to seek a bailout package from eurozone partners.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Yury Gagarin: A down-to-earth person
Infographics: The Linguistic Diversity of the Planet
Ukraine has not preserved its 1991 borders. The signing of the Geneva memorandum on April 17 reaffirmed the willingness of Russia, the United States and EU countries to reach a compromise. While the sides continue to trade tough talk and symbolic sanctions, the Kremlin and the White House are also holding a parallel dialogue on the coordinated geopolitical revision of Eastern Europe.