March 31, 2012
No Way to Ease the Pain in Spain
The Independent, The Independent
The situation in Spain is far from pretty. Ahead of yesterday's budget, a general strike shut down swathes of industry, paralysed public transport and brought several large cities all but grinding to a halt. More troubling still were mass demonstrations in which hundreds of thousands of people took to the streets. When it finally came, Prime Minister Mariano Rajoy's budget was no cheerier, slashing a whopping 17 per cent from government spending this year alone in a desperate effort to meet EU-brokered deficit reduction targets.
TAGGED: Spain, Eurozone