Spanish Prime Minister Mariano Rajoy said in parliament on the 11th, the Spanish government will implement a new round of austerity measures, the goal is to cut 65 billion euros (about $ 80 billion) spending in the next two and a half years.
 
The austerity plan will increase the VAT rate from 18% to 21% civil service pay cut, reform of the unemployment benefits system.
 
Previously, the EU finance ministers' meeting has decided to Spain to reduce the fiscal deficit target date is delayed one year, or 2014 to its budget deficit down to 3 percent of gross domestic product (GDP). 2012, 2013 and 2014 Spain's budget deficit target of 6.3%, 4.5% and 2.8%.
 
In recent months, the Spanish government has taken a number of economic initiatives, but the current market confidence remains fragile, high unemployment rate. Rajoy said that the debt burden is too heavy, coupled with severe recession, the economic situation of Spain is very fragile and difficult to create employment.
 
In response to the Spanish banking crisis, the euro group decided to inject 100 billion euros to the Spanish banking industry (about $ 123 billion) in early June.



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