More Cuts and Pain Coming to Spain
In exchange for a eurozone bailout of $123 billion, Spain’s conservative government Wednesday slashed $80 billion from its budget over the next two and a half years through a combination of sales tax hikes and spending cuts. That’s in addition to $92 billion dropped by the country's previous administration.
In exchange for a eurozone bailout of $123 billion, Spain’s conservative government Wednesday slashed $80 billion from its budget over the next two and a half years through a combination of sales tax hikes and spending cuts. That’s in addition to $92 billion dropped by the country’s previous administration.
Spain’s government and banks will come under greater supervision by the European Union, while the Spanish public suffers further wage reductions, the closure of state-owned companies and an increase in the retirement age from 65 to 67, among other deprivations, included below.
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— €660 million of cuts in government spending beyond the reductions already outlined in the 2012 budget — wage cuts for civil servants and members of the national parliament — further closures of state-owned companies — tax deductions for homeowners to be scrapped — a 30 percent cut in the number of town councilors — slight reduction in unemployment pay, designed to encourage jobless people to seek work more quickly. — 20 percent cut in government subsidies to political parties and labor unions. — possible privatization of ports, railways and airports
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