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July 12, 2012

Spain: Thousands Protest New Austerity Measures 
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Thousands of people marched in Spain's capital of Madrid on Wednesday
after the government unveiled a new round of spending cuts and tax hikes
to obtain a rescue of the country’s banks. Speaking to lawmakers,
Spanish Prime Minister Mariano Rajoy said the $80 billion austerity
measures were demanded by the European Union as a condition for an
emergency bailout of Spain’s banks.

Prime Minister Mariano Rajoy: "With the inevitable fiscal adjustment, we
must take on the structural reforms our economy needs to recover its
competitiveness and flexibility to generate growth and jobs."

 

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