Spain unveils deep budget cuts amid EU economic fears

dipsydoodle

(1000+ posts) Send PM | Profile | Ignore

Wed May-12-10 05:23 AM
Original message

Spain unveils deep budget cuts amid EU economic fears

Source: BBC News

Spain's PM has outlined a plan to tackle the country's budget crisis, amid concerns that problems afflicting Greece may spread across the eurozone.

Jose Luis Rodriguez Zapatero announced a 5% cut to public sector salaries, as well as reductions to pensions and regional government funding.

He said the plan would save about 15bn euros ($19bn; �12.5bn) over two years.

At the weekend Spain said it wanted to drastically reduce its budget deficit, which currently stands at 11% of GDP.

Read more: http://news.bbc.co.uk/1/hi/business/10109275.stm

Printer Friendly | Permalink | | Top

fasttense

(1000+ posts) Send PM | Profile | Ignore

Wed May-12-10 07:33 AM
Response to Original message

1. More draconian measures to squeeze the middle class.

Now if they were really interested in decreasing their debt, they would increase taxes on stock dividends, increase the inheritance tax, add a 1% Tobin tax on all derivatives and other financial transactions, outlaw credit default swaps, which amounts to issuing insurance without meeting the capital requirements of being an insurance company, and enforce EU and national antitrust laws.

But of course the idiotic neoliberal and "free" market mythology blinds the uber wealthy from seeing reality.

Printer Friendly | Permalink | | Top

madrchsod

(1000+ posts) Send PM | Profile | Ignore

Wed May-12-10 08:05 AM
Response to Original message

2. goldman sachs and the boys drain another country dry....

portugal and ireland are next.....disaster capital is sweeping across europe

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Sun May 12th 2024, 09:02 AM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.