You're reading: Spain details austerity measures worth $68.8 billion

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.