Spain unveils $79 bln austerity plan
Madrid - SPA
Spain has announced a 65 billion Euro ($79.85 billion) austerity package that includes tax hikes and spending cuts a day after it won approval from its euro partners for a huge bailout of the country's stricken banks. Prime Minister Mariano Rajoy told Parliament the country's future was at stake as Spain grapples with recession, a bloated deficit and investor wariness of its sovereign debt. He said the 65 billion Euro in savings will be achieved through 2015 by a hike in sales taxes and a series of spending cuts through 2015, according to a report of the Associated Press.
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