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July 12th, 2012 
FAKE NEWS for the Zionist agenda
Spanish Prime Minister Mariano Rajoy has announced a €65bn austerity package to avert financial collapse as angry miners rallied against subsidy cuts.
Hundreds of miners marched through Madrid overnight
RTE News
Wednesday, 11 July 2012
Spanish Prime Minister Mariano Rajoy has announced a €65bn austerity package to avert financial collapse as angry miners rallied against subsidy cuts.
Mr Rajoy, who was interrupted by opposition members as he outlined the cuts, performed a U-turn by increasing VAT, having promised he would not raise it, and cutting state expenditure.
“These are not pleasant measures but they are necessary,” said the 57-year-old leader of the conservative Popular Party.
Mr Rajoy reminded parliament that Spain is going through one of its worst recessions in history, with unemployment at 24.4%, and economic activity set to decline by 1.7% this year.
He said new spending cuts and the other measures would bring in €65bn by the end of 2014 to help trim the annual deficit.
The European Union had demanded a VAT rise along with a series of other tough measures as it gave Spain an extra year to bring its public deficit back to agreed limits.
The interest rate that Spain has to pay to borrow for ten years eased fractionally as the measures were announced, but it remained at a high level of 6.74%.
Read more: Spanish PM Mariano Rajoy announces €65bn austerity package
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