Subscribe

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.

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.

— Posted by Alexander Reed Kelly

The Associated Press:

— €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

Read more

Alexander Reed Kelly
Associate Editor
In December 2010, Alex was arrested for civil disobedience outside the White House alongside Truthdig columnist Chris Hedges, Pentagon whistle-blower Daniel Ellsberg, healthcare activist Margaret Flowers and…
Alexander Reed Kelly

Now you can personalize your Truthdig experience. To bookmark your favorite articles, please create a user profile.

Personalize your Truthdig experience. Choose authors to follow, bookmark your favorite articles and more.
Your Truthdig, your way. Access your favorite authors, articles and more.
or
or

A password will be e-mailed to you.

Statements and opinions expressed in articles and comments are those of the authors, not Truthdig. Truthdig takes no responsibility for such statements or opinions.