Mariano Rajoy’s conservative government will be meeting today to discuss, and approve, an extra 10 billion euros of spending cuts and increased charges in health and education as part of his austerity drive and an attempt to convince investors that Spain does not need a Greek style bailout.
“The fundamental objective at the moment is to reduce the deficit,” Rajoy said in Madrid this week.
“If we don’t achieve this, the rest won’t matter: we won’t be able to fund our debt, we won’t be able to meet our commitments.”
Rajoy said his government is committed to making cuts and reforms to ensure the Spanish economy becomes stable and productive. “We need this process of adjustments in order to grow and create jobs,” he said.
Despite a high demand for long-term bonds at auction earlier this week, the country’s economy is still struggling to get moving following the crash of…
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