A 15-billion-euro austerity plan, announced by Spanish Prime Minister Jose Luis Rodriguez Zapatero last week, was approved at a cabinet meeting Thursday as thousands of public sector workers took to the streets to protest against the measures.
AFP - The Spanish government late Thursday approved a 15-billion-euro austerity plan aimed at reining in the public deficit and easing fears of a Greek-style debt crisis.
The plan was approved at a cabinet meeting as thousands of public sector workers took to the streets to protest the measures, which include a five percent pay cut for civil servants.
Deputy Prime Minister Maria Teresa Fernandez De la Vega told a news conference the belt-tightening plan is aimed at "speeding up the process" of reducing the deficit, which reached a massive 11.2 percent of gross domestic product last year.
Socialist Prime Minister Jose Luis Rodriguez Zapatero announced the austerity measures last week.
Date created : 2010-05-20