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July 15th, 2012 
FAKE NEWS for the Zionist agenda Spanish Ministry of Economy and Competitiveness’s said in a statement that the government will raise 34.4 billion euros from increased taxation and achieve the rest through budget cuts.
On Wednesday, Spanish Prime Minister Mariano Rajoy announced 65 billion euros of savings from tax hikes and spending cuts aimed at convincing the EU that his government will reach the bloc’s debt reduction targets by 2014.
The 8.6 billion euro shortfall will be covered by other measures such as new energy and environmental taxes.
According to the new austerity measures announced by Rajoy, VAT goes up to 21 percent from 18 percent, and the reduced rate on some products such as food goes up to 10 percent from eight percent. A special four-percent rate on basic needs such as bread is untouched.
With an unemployment rate of near 25 percent, Spain is under pressure to get its public finances on track amid concerns in the markets over the state of the country’s banks and the wider economy.
However, the recent measures have provoked protests from citizens tired of bearing the burden for an economic crisis they blame on bankers and politicians. .
The Spanish government has been sharply criticized that the austerity measures are hitting the middle and working classes the hardest.
On Friday, Spain’s riot police clashed with hundreds of people who protested against the measures the capital Madrid.
Spain – the fourth-largest economy in the eurozone – is mired in its second recession in three years.
PG/JR
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