Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israel warning

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘an homage to victims’ of WWI

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

Business

Madrid injects 11 billion euros into public works

©

Text by AFP

Latest update : 2008-11-28

Spanish Prime Minister Jose Luis Rodriguez Zapatero has announced the country will invest 1.1 % of its GDP, representing 11 billion euros, mainly into public works and infrastructure to fight the crisis and in the hope of creating 300,000 jobs.

Spanish Prime Minister Jose Luis Rodriguez Zapatero announced Thursday an 11-billion-euro (14.3-billion-dollar) economic stimulus package to help the country cope with the global financial crisis.
  
He told parliament the package, which will be approved at a regular cabinet meeting on Friday, represents 1.1 percent of Spain's gross domestic product (GDP) and could create 300,000 jobs in 2009.
  
"It will be used to invest in public works, in infrastructure, especially by municipalities, which we hope will create 300,000 jobs next year," he said, adding the world was facing its "first global recession since World War II.
  
"A crisis as quick and intense as this one is without precedent and it has taken its toll on employment in our country," he said.
  
Spain is experiencing an abrupt economic slowdown as the global credit crunch puts the squeeze on an already weakened construction sector, causing the unemployment rate to hit 11.3 percent in the third quarter -- its highest level in over four years and the highest rate in the 27-member European Union.
  
The Spanish economy contracted for the first time since 1993 in the third quarter, shrinking 0.2 percent, leaving it on the brink of recession, which is defined as two consecutive quarters of negative growth.

Date created : 2008-11-27

Comments

COMMENT(S)