Spain unveils new austerity measures

Spain announced the most austere budget of the post-Franco era on the 30 March 2012 unveiling €27.3bn of budget cuts and tax rises and a freeze on public sector pay, as the Spanish Government battled to meet gruelling deficit reduction targets by 2013.

Cristóbal Montoro, the Budget Minister, referred to the 'the biggest fiscal consolidation of the democracy' as he announced the new measures which would see Spain slash government spending by 16.9%, two percentage points more than previously indicated.

El País, 1.4.12: Rajoy to seek regional support for tough budget as honeymoon ends http://elpais.com/elpais/2012/04/01/inenglish/1333307016_569708.html

Deutsche Welle, 30.3.12: Spain announces drastic austerity budget http://www.dw.de/dw/article/0,,15850645,00.html

ESO: Background information: Madrid commits to reforms despite strike http://www.europeansources.info/record/madrid-commits-to-reforms-despite-strike/

ESO: Background information: Spain gets controversial let-off on budget deficit http://www.europeansources.info/record/spain-gets-controversial-let-off-on-budget-deficit-2/

BBC News, 30.3.12: Spain budget: Cuts to total 27bn euros this year http://www.bbc.co.uk/news/business-17557172

France24, 30.3.12: Spain unveils budget cuts of 27 billion euros http://www.france24.com/en/20120330-spain-budget-financial-crisis-madrid-strike

El País, 30.3.12: Government unveils 27-billion-euro austerity package in bid to avoid bailout http://elpais.com/elpais/2012/03/30/inenglish/1333115032_221974.html

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