Spanish Prime Minister Mariano Rajoy announced tax increases and spending cuts totalling €65 billion in the next two-and-a-half years, risking a deepening recession to keep the euro financial crisis at bay.
Rajoy’s fourth austerity package in seven months will raise the sales levy to 21 per cent from 18 per cent; scrap a tax rebate for home buyers; scale back unemployment benefits; consolidate local governments and eliminate the year-end bonus for some public workers.
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