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Spanish follows eurozone approval for bank bailout with $79 billion austerity plan
MADRID (AP) ¯¯¯ Spain has announced a ¯¯¯65 billion ($79.85 billion) austerity package that includes tax hikes and spending cuts a day after it won approval from its euro partners for a huge bailout of the country's stricken banks.
Prime Minister Mariano Rajoy told Parliament the country's future was at stake as Spain grapples with recession, a bloated deficit and investor wariness of its sovereign debt. He said the ¯¯¯65 billion in savings will be achieved through 2015 by a hike in sales taxes and a series of spending cuts through 2015.