Kulmiye Posted April 13, 2012 According to New York times European Countries are facing a market anxieties and some investors worry that Spain might eventually follow Greece, Ireland and Portugal in seeking a bailout. Spain is already wracked by a depression-level unemployment rate of nearly 25 percent (and approaching 50 percent for those ages 16 to 24). But it is in for even higher levels of misery under the austerity budget that Prime Minister Mariano Rajoy unveiled at the end of March, after the European Union rebuffed his pleas for more fiscal flexibility in the face of a worsening recession. On Monday, Mr. Rajoy also warned regional governments to cut their annual spending on health care and education by €10 billion as part of their own austerity drive. The regions accounted for two-thirds of Spain’s budgetary slippage last year, which resulted in an overall deficit of 8.5 percent of G.D.P., compared with a 6 percent target. Source: http://www.nytimes.com/2012/04/11/business/global/spain-bond-yields-rise-reviving-fears-of-a-renewed-euro-crisis.html?ref=opinion Quote Share this post Link to post Share on other sites
