The Spanish cabinet approves an austerity budget for the country: All government ministries will...

|By:, SA News Editor

The Spanish cabinet approves an austerity budget for the country: All government ministries will have to cut spending by 16.9% and civil service wages are to remain frozen (but no job cuts announced). Not included is an increase in the VAT, but yet-to-be-detailed corporate tax hikes are in store. Madrid +0.7%.