Spanish civil servants stage protest in Madrid
Fri Aug 10, 2012 4:59PM
Demonstrators say they will continue protesting outside public buildings until their voices are heard.This comes after the Spanish government announced last week that the European state plans to cut its spending by 102 billion euros in two years. A statement published on Spanish Prime Minister Mariano Rajoy's official website said that the government had submitted to the European Commission an outline of spending cuts and revenue increases to 2014.
The cuts included an austerity package of 65 billion euros of tax hikes and spending cuts announced in July. A rise in value added tax and abolishment of public workers' Christmas bonuses were also included in the proposed package.The Spanish economy, the fourth-largest in the 17-nation eurozone, is suffering from the aftershocks of a real estate bust that has devastated not just the banks, but families as well. Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs. TNP/JR