Rajoy Announces 65 Billion Euros in Budget Cuts to Fight Crisis

Mariano Rajoy (Photo credit: Wikipedia)

Spanish Prime Minister Mariano Rajoy announced taxation increases and spending cuts totaling 65 billion euros ($80 billion), risking a deepening retrogression to keep the euro financial predicament during bay. Rajoy’s fourth purgation package in 7 months will raise

the sales levy to 21 percent from 18 percent; throw a taxation rebate for home buyers; scale behind unemployment benefits and study pension cuts; connect internal governments and discharge the year-end reward for open workers. The check measures, covering the subsequent two-and-a-half years, are about double those previously announced. The primary apportion addressed Parliament in Madrid currently as European officials put a finishing touches to a 100 billion-euro bailout for Spain’s banks. The amendments to a budget come reduction than dual weeks after it went into outcome and a day after a European Union loosened Spain’s necessity targets. ... Continue to read.

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