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Spain details austerity measures worth $68.8 billion

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July 15, 2012, 3:50 p.m. | World — by Associated Press

Demonstrators shout slogans condemning recent austerity measures announced by the Spanish government during a demonstrations in Madrid, Spain, Wednesday, July 11, 2012. Spain's government imposed more austerity measures on the beleaguered country Wednesday as it unveiled sales tax hikes and spending cuts aimed at shaving euro 65 billion ($79.85 billion) off the state budget over the next two and a half years
© AP Photo/Emilio Morenatti

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Spain's government has published details of how it will impose taxes and cut budgets to shave euros 56.4 billion ($68.8 billion) from its deficit by 2015 as it strives to achieve targets agreed to with the European Union.

A statement dated Friday on the Economy and Competitiveness Ministry's website says the government will accrue euros 34.4 billion ($41.9 billion) from increased taxation and achieve the rest through expenditure cuts, although the total does not reach the €65 billion ($79 billion) that the government approved Friday.

The statement notes separate energy taxes will be announced later.

Newspaper El Mundo said Sunday in an editorial that it was surprised the figures were published in English "destined for foreign investors and press" but not in Spanish.

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