Spain Deepens Austerity Under European Pressure
Source: CNBC
Prime Minister Mariano Rajoy announced a swathe of new taxes and spending cuts on Wednesday designed to slash 65 billion euros from the budget deficit by 2014 as recession-plagued Spain struggles to meet tough targets agreed with Europe.
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"These measures are not pleasant, but they are necessary. Our public spending exceeds our income by tens of billions of euros," Rajoy told parliament.
He also announced new indirect taxes on energy, plans to privatize ports, airports and rail assets, and a reversal of property tax breaks that his party had restored last December.
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With five years of economic stagnation and recession , unemployment at 24.4 percent and tax revenue falling, Spain is struggling to meet tough deficit cutting targets agreed with the European Union.
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Read more: http://www.cnbc.com/id/48144383
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