Spain Faces Tough Haul
Already mired in debt and unemployment, Spain has been told that the target deficit rate of 5.8% of GDP that new Prime Minister Mariano Rajoy declared only 10 days ago is inadequate, and Madrid must seek a faster reduction in its deficit.
Spain to Raise Taxes, Cut Spending
Spain’s new Prime Minister Mariano Rajoy is taking tough steps to combat his country’s debt crisis, and has announced that while taxes will rise substantially, spending will be cut even more.
Zapatero’s Exit May Endanger Spain’s Fiscal Future
Prime Minister Jose Luis Rodriguez Zapatero of Spain has thrown a wild card into his country’s financial future even as he announced his withdrawal from next year’s election.
Rescue Fund Divides Euro Zone
While Spain’s Prime Minister Jose Luis Rodriguez Zapatero talked up his country’s progress in getting its debt under control, he also expressed faith that the euro zone would agree to take steps to strengthen the European Financial Stability Facility, the euro zone’s rescue fund.
Spain's Premier Reaffirms Savings Banks Support
Spain's prime minister said Sunday that his government was prepared to continue backing the country's savings banks but called on private investors to step forward in the troubled sector.
Spanish Austerity Measures Lead to State of Emergency
The wildcat air traffic controller strike in the wake of Friday’s approval of strong austerity measures in Spain led to a declaration of a state of emergency.
Spain Tightens Belt as Air Traffic Controller Strikes Tie-up Travel
Spain approved new austerity measures on Friday, and the nation’s air traffic controllers staged a huge sickout in protest; part of the austerity plan calls for partially privatizing important airports.