Arab Today, arab today spain should slow debtcutting pace
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Spain should slow debt-cutting pace

Arab Today, arab today

Arab Today, arab today Spain should slow debt-cutting pace

Madrid - UPi

The International Monetary Fund called on Spain\'s government to slow its deficit-cutting drive, saying the Spanish economy can\'t absorb so many cutbacks. IMF Managing Director Christine Lagarde said reductions should focus on reducing services for people with higher incomes and on sanctioning autonomous regional governments if they fail to hit their budget targets and incur huge debt, ThinkSpain reported. The IMF assessment came as Spain and Europe were to agree on a $122.6 billion Spanish banking bailout Friday, officials said. It also comes as Spaniards protested austerity measures in 80 cities. The bailout memorandum of understanding, which includes an immediate $37 million bank rescue, follows Germany\'s approval Thursday of the arrangement, which includes 3 percent interest over 15 years and a 10-year grace period. Eurozone finance ministers were to approve the agreement Friday. Lagarde said a slower-paced, deficit-reduction effort would help prevent the country\'s economy from collapsing. Spain must improve crisis- and resolution-management in its banking sector and create an integrated communications strategy to include banks, results of independent evaluations indicated. The evaluations also supported controversial labor reforms approved by lawmakers that relax restrictions on employers concerning paying and firing workers. Spain\'s lower house of Parliament this week enacted the largest austerity package since democracy was restored in Spain in 1978. The Congress of Deputies voted along party lines to cut $80 billion from government budgets by 2015. Lawmakers promised later to address other parts of the austerity plan, such as speeding up moves to raise the retirement age to 67 from 65. Prime Minister Mariano Rajoy went to Parliament and then quickly left after casting his vote in favor of sales-tax increases to 21 percent and the government spending cuts, including forcing government workers to take pay cuts of 3.5 percent to 7 percent and to forgo traditional Christmas bonuses. A Rajoy spokesman told the Spanish newspaper El Pais Rajoy left Parliament quickly because he was \"busy working at his desk.\" The austerity vote prompted hundreds of thousands of Spaniards, led by public-sector workers, in more than 80 cities to march in the streets Thursday, protesting Rajoy\'s government.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain should slow debtcutting pace Arab Today, arab today spain should slow debtcutting pace

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain should slow debtcutting pace Arab Today, arab today spain should slow debtcutting pace

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday