Spain announces new austerity package

The measures reflect commitments made by Economy Minister Luis de Guindos to his European Union counterparts to increase competitiveness and bolster Spanish finances.

28th September, 2012
Mariano Rajoy

Spanish Prime Minister Mariano Rajoy’s nine-month-old government announced its fifth austerity package in what may be a move to head off tougher conditions demanded as part of a potential European bailout.

Rajoy’s cabinet approved a new tax on lottery winnings and a cut in ministries’ spending as part of a €13 billion central government package to shrink the euro area’s third-biggest budget deficit.

The target for 2013, which...

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