Spain Bites the Bullet
As the euro continues to tank and European countries scramble to deal with shrinking economic forecasts, Spain has proposed slashing its spending plans by nearly 8 percent next year as it struggles to deal with financial turbulence.
As the euro continues to tank and European countries scramble to deal with shrinking economic forecasts, Spain has proposed slashing its spending plans by nearly 8 percent next year as it struggles to deal with financial turbulence.
Austerity measures in Spain passed Thursday by a single vote in parliament, where the possibility of cutting social services is encountering strong resistance.
Spanish unemployment remains high, at 20 percent, with no real relief expected for the next several years. –JCL
Wait, before you go…Bloomberg Businessweek:
Spain proposed reducing spending by 7.7 percent next year in a budget that the minority Socialist administration may struggle to push through parliament.
Finance Minister Elena Salgado set a spending limit of 122.3 billion euros ($151.4 billion) for 2011, when she expects the economy to grow 1.3 percent after two years of contraction, she said after a Cabinet meeting today. The 7.7 percent decline compares with the initially budgeted level for 2010, she said. Unemployment, now at 20 percent, will average 19.4 percent in 2010 and 18.9 percent next year, according to a new set of forecasts that see a weaker growth outlook for 2012 and 2013.
Prime Minister Jose Luis Rodriguez Zapatero lacks a parliamentary majority and won approval for austerity measures yesterday by a single vote as past supporters voted against a freeze on pensions and public-wage cuts. That casts doubt on the future of his government.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Support Truthdig
Business & Economy
Advocates want to enforce statutes banning ownership of medical practices by corporations not owned by physicians.
The class war that gave rise to his campaign is the fault of a long line of corporate Democrats like Joe Biden, and voters know it.
Here’s how to effectively counteract the forces of corporate capitalism.
Elites on both sides of the political aisle may not have seen this change coming --- but if they were paying attention, they would have.
Sociologist William I. Robinson explains how a crisis of legitimacy that began in the 1970s has helped give rise to today's far right.
As progressives gain momentum, media outlets are failing their readers with articles that uncritically amplify powerful interests.
There are currently no responses to this article.
Be the first to respond.