Spain agrees to austerity measures
Published 03/12/2010 | 14:26
The Spanish government has approved a package of new austerity measures and economic stimulus in a bid to ease investor fears about its debt.
The moves include selling off nearly a third of its national lottery, partially privatising airports, cutting a jobless benefit and trimming taxes for small companies.
The measures were agreed at a weekly cabinet meeting.
Spain, which has soaring unemployment and a swollen deficit, is battling to convince markets it can handle its debt and won't need a bail-out from the European Union and International Monetary Fund like Ireland and Greece.