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   
RELATED ARTICLES
  • 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
BING NEWS:
  • 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. Spain has ...
    10/20/2014 - 10:38 pm | View Link
  • Eurozone crisis live: Clashes in Madrid, after Spain announces €65bn austerity plan
    It's clear that the decision to give Spain another year to hit its deficit ... Rajoy, is expected to outline further austerity measures to the Spanish parliament this morning. Rajoy is likely to explain that further cutbacks and tax rises are needed ...
    07/10/2012 - 5:00 pm | View Link
  • Understanding why 'Spain has no choice'
    And it immediately announced a programme of tax increases and spending cuts ... country's public finances were worse than it had expected. It blamed the previous Socialist administration and said that the budget deficit target of 4.4% of gross domestic ...
    03/30/2012 - 6:48 pm | View Link
  • Rajoy’s budget seeks to buy time for Spain
    MADRID (MarketWatch)—As Spanish Prime Minister Mariano Rajoy unveils ... deficit won’t be reached, albeit by an acceptable amount,” Ruiz-Scholtes said. Rajoy is expected to announce up to 40 billion euros ($50.7 billion) worth of spending cuts and ...
    03/28/2012 - 1:05 am | View Link
  • FTSE CLOSE: Traders wary over U.S. recovery and Spain's troubles; Thomas Cook drops
    This will likely remain the case while policymakers slowly edge towards an agreement on a slightly bigger ... tax. Spain is believed to have already entered its second recession in three years and Prime Minister Mariano Rajoy has pledged to meet a deficit ...
    03/27/2012 - 3:30 pm | View Link
  • More
BING SEARCH:
  • U.S. National Debt Clock
    The estimated population of the United States is 319,312,724 so each citizen's share of this debt is $56,090.94. The National Debt has continued to increase an average of
    10/31/2014 - 10:14 am | 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
    10/31/2014 - 4:59 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
    10/31/2014 - 4:31 am | View Website
  • Barack Obama
    Barack Obama 2012: news, video, and campaign coverage of the U.S. presidential race
    10/30/2014 - 2:47 pm | View Website
  • Spain Facts, information, pictures | Encyclopedia.com ...
    TAXATION. As of 2005, Spain had a basic corporation tax rate of 35%. A reduced rate of 30% is applied to companies with annual turnover of less than € 6 million in ...
    10/29/2014 - 7:18 am | 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