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Europe

Stimulus move set to shake up market

Text by News Wires

Latest update : 2010-09-09

The Spanish legislature has passed reforms that will make it easier for employers to fire workers. The measures are intended to ward off a Greek-style economic crisis by jump-starting an economy bogged down by unemployment.

AP - Spain’s Parliament has approved labor market reforms designed to shake up a listless economy and help slash a bloated deficit that has prompted European-wide worries of another Greek-style crisis.

The package had already been approved as an emergency decree in June by the lower chamber of the legislature and has been in effect since then.

Thursday’s votes in that chamber were on a series of amendments introduced last month by the Senate. Most were rejected.

One key thrust of the reforms as Spain battles a 20 percent jobless rate is to make employers less wary of hiring by making it cheaper and easier for them to lay people off.

Date created : 2010-09-09

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