Ailing Spanish Economy Seeks a Cure
Awash in debt and 20 percent unemployment, the Spanish government on Friday approved an austerity package aimed at reviving its moribund economy.
Awash in debt and 20 percent unemployment, the Spanish government on Friday approved an austerity package aimed at reviving its moribund economy.
While the news gave markets a lift, labor unions are howling and threatening a series of strikes. –JCL
WAIT BEFORE YOU GO...CTV News
The moves include plans to sell off a 30 per cent stake in the government-owned national lottery, the partial privatization of airports, cutbacks to a key jobless benefit, tax cuts for small businesses and an increase in the tobacco tax.
“We believe we are contributing to the momentum of the country’s economic activity with this reform package,” said Economy Minister Elena Salgado. “We are eliminating obstacles and reducing costs.”
The latest measures, first announced Wednesday by Zapatero, were welcomed by both markets and the European Union after weeks of speculation that Portugal and Spain could follow Greece and Ireland in needing a massive financial bailout. ing to convince markets it can handle its debt and won’t need a bailout from the European Union and International Monetary Fund like Ireland and Greece.
This year, the ground feels uncertain — facts are buried and those in power are working to keep them hidden. Now more than ever, independent journalism must go beneath the surface.
At Truthdig, we don’t just report what's happening — we investigate how and why. We follow the threads others leave behind and uncover the forces shaping our future.
Your tax-deductible donation fuels journalism that asks harder questions and digs where others won’t.
Don’t settle for surface-level coverage.
Unearth what matters. Help dig deeper.
Donate now.
TD Original
An historic progressive coalition looks to change the course of politics on the island.
Social Justice
As many as 70,000 child care centers are projected to close in the next several months as pandemic-era federal funding ends, pushing an industry already in crisis to a breaking point.
The budget proposal offers a terrifying preview of what we can expect from Trump if he wins another four years in office.
The former mayor of South Bend, Indiana, draws fire for claiming it's "not fashionable in progressive circles" to talk about the deficit.
Iraqis are demanding an end to corruption and sectarianism, while also objecting U.S. troops and Iranian influence.
From Chile to Iraq, popular uprisings against austerity and corruption are spreading like wildfire at a crucial point in history.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.