Spain details austerity measures worth $68.8 billion

Print version
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

Associated Press

Associated Press

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.

The Kyiv Post is hosting comments to foster lively public debate through the Disqus system. Criticism is fine, but stick to the issues. Comments that include profanity or personal attacks will be removed from the site. The Kyiv Post will ban flagrant violators. If you think that a comment or commentator should be banned, please flag the offending material.
comments powered by Disqus


© 1995–2015 Public Media

Web links to Kyiv Post material are allowed provided that they contain a URL hyperlink to the material and a maximum 500-character extract of the story. Otherwise, all materials contained on this site are protected by copyright law and may not be reproduced without the prior written permission of Public Media at
All information of the Interfax-Ukraine news agency placed on this web site is designed for internal use only. Its reproduction or distribution in any form is prohibited without a written permission of Interfax-Ukraine.