Spain austerity plan boosted to $80 billion

The euro-zone’s fourth-largest economy, Spain, may not grow at all next year, warned Spanish Prime Minister Mariano Rajoy when he announced new austerity measures aimed at cutting Madrid’s budget deficit by $80 billion.  Rajoy called on his countrymen to back the measures, which include raising value-added tax from 18% to 21% as well as cuts to jobless benefits and public-sector wages.  As he spoke during a 6 hour parliament debate, hundreds of coal miners and their supporters protested in madrid against government plans to end subsidies for their sector.  Some threw rocks and firecrackers at police, signs of growing social unrest as Spain tries to deal with an unprecedented, five-year-long crisis.

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