30 December 2011
Last updated at 10:23 ET
Spain has seen a number of large protests against the government’s austerity measures
Spain’s new conservative government has outlined 8.9bn euros ($11.5bn, £7.5bn) in new spending cuts and tax rises to lower the country’s borrowing.
The announcement is the first in a wave of austerity measures, with a total of 16.5bn euros to be cut in 2012.
It also said Spain’s 2011 deficit will be about 8% of its output – higher than the 6% seen by the previous government.
The Popular Party last month ousted the Socialists from power at elections amid deep economic gloom.
The government of new Prime Minister Mariano Rajoy has vowed to meet Spain’s target of reducing the public deficit
Read More from the Article Source: http://www.bbc.co.uk/go/rss/int/news/-/news/business-16364313
