Spain unveils new EUR 65 bln austerity package
2012-07-11 14:32:52
Spain's Prime Minister Mariano Rajoy on Wednesday announced tax increases and spending cuts totaling EUR 65 billion.
The Value Added Tax was raised to 21 percent from 18 percent. Also he reduced jobless claim benefits and unveiled salary cuts for government employees.
The austerity measures spread over the coming two years will reduce the budget deficit.