Spain Addresses Budget Crisis, Unveils a Number of Cuts to Reduce Deficit

The economic crisis in Greece has led Spain to unveil a series of budget cuts that are aimed at significantly reducing the country’s deficit. Prime Minister Jose Luis Rodriguez Zapatero announced the measures before parliament, revealing the moves would cut public sector salaries, reduce pensions and trim funding to regions of the country among other cost-saving proposals.

According to Zapatero the austerity measures would save Spain nearly $19 billion over two years and cut is current budget deficit of 11% to 6% by 2011.

As part of the proposal, which is expected to be voted upon by the cabinet later this week, a 5% average pay cut for public workers would be implemented in 2010, payouts to parents for the birth of a child would end, automatic increases in pensions to match inflation would be halted and funding to regions would be slashed by nearly $2 billion.

Spain has been feeling the pressure from the European Union to implement tough austerity measures to ensure they don’t face another crisis like Greece.

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