Spain Says Deficit Bigger Than Expected, Unveils Tax Hikes

Spain's new government said on Friday the public deficit for 2011 would come in at 8 percent of gross domestic product, well above a target of 6 percent, and announced income and property tax hikes and a civil servant wage freeze in response.

Sections:  world   
Topics:  deficit   europe   europe debt   europe debt crisis   gdp   spain   tax hikes   
  • Spain education sector hit by strike against cuts
    Thousands of students and teachers staged a strike across Spain on Thursday to protest government austerity measures and a planned new education reforms. More
  • In Germany, a U.S. beer invasion
    Almost 65 years after Allied planes flew Western supplies into blockaded Berlin, a new American import is arriving by air: craft beer. The beer is being flown in as part of a new surge of German interest in American brewing, upending a centuries-old relationship in which German beer defined the golden standard for brewing and Americans emulated it. More
  • Cyprus parliament approves bailoutCyprus parliament approves bailout
    Cyprus' lawmakers approved on Tuesday a multi-billion bailout agreement with international creditors aimed at preventing the crisis-hit country from going bankrupt. More
  • Baby food shortage in Europe due to China demandBaby food shortage in Europe due to China demand
    Yong-Hee Kim still can't believe that in a prosperous country like Germany, powdered baby formula would ever be rationed and that she would have to scour shops in the German capital to find the right brand for her 13-month-old son. More
  • Swedish police find drugs on Bieber tour busSwedish police find drugs on Bieber tour bus
    The latest chapter in Justin Bieber's European tour escapade was added Thursday when Swedish police said they had found drugs and a stun gun on the pop singer's bus. Lars Bystrom, spokesman for the Stockholm police, told The Associated Press a small amount of drugs and a stun gun were discovered during a search of the bus, which had been parked under the Globen concert venue in Stockholm, where Bieber was performing Wednesday. More
  • Spain drains schools and parents of money
    Schools reopened this month with bigger ... in deficit cuts by 2014 in exchange for up to 100 billion euros from its eurozone lenders to recapitalize its ailing banks. Following recommendations from its lenders, Spain also raised its value added tax ...
    10/6/2012 - 2:30 pm | View Link
  • Spain's PM hails 100 billion euro lifeline, denies deficit impact
    Today, Rajoy claimed that the loan – equal to about 10 percent of the country's gross domestic product – would not add to the country's deficit ... expected strain on Spain's budget, the European Commission has already recommended a sales tax ...
    06/10/2012 - 2:54 am | View Link
  • Spain to spend less on health, education
    This system alone has a 16 billion euro deficit. The reforms also point to higher university fees, longer working hours for the teachers, and bigger classroom ... year is a steeper than expected recession that would reduce tax income at all levels of ...
    04/24/2012 - 6:40 am | View Link
  • FTSE CLOSE: Eurozone back in crisis as Spain debt costs spike; M&S and Burberry updates
    There was an even bigger fall for luxury goods ... of 12- and 18-month treasury bills is expected to see yields or interest rates jump from the previous tender, reflecting a shift in market concerns over its deficit and banking sector.
    04/17/2012 - 5:30 am | View Link
  • Spain unveils $36 billion austerity budget
    MADRID (AP) — Spain's government unveiled on Friday a €27 billion ($36 billion) deficit-reduction package including spending cuts and tax hikes on large companies ... will go to Parliament on Tuesday and is expected to be formally passed in June.
    03/29/2012 - 1:00 pm | View Link
  • More
  • fastFT: Market-moving news and views, 24 hours a day
    It may come down to the wire. Argentina did not reach a deal with holdout creditors on Tuesday despite 12 hours of negotiations in New York, the FT's Luc Cohen writes.
    07/31/2014 - 1:48 am | View Website
  • Business News, Personal Finance and Money News
    Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News
    07/31/2014 - 12:50 am | View Website
  • National debt of the United States
    The national debt of the United States is the amount owed by the federal government of the United States. The measure of the public debt is the value of the ...
    07/30/2014 - 7:07 pm | View Website
  • India
    The latest India and international business, finance, economic and political news, comment and analysis from the Financial Times on
    07/30/2014 - 5:41 pm | View Website
  • International News | World News
    Get the latest international news and events from Asia, Europe, the Middle East, and more. See world news photos and videos at ABCNews
    07/30/2014 - 5:27 pm | View Website
  • More

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More World News