CUTTING DEEPER: The Spanish government has announced the country’s most severe round of budget cuts yet, aiming at convincing international authorities and investors that it is on track to meet its deficit reduction targets.
Recommended Stories
THE DETAILS: Finance Minister Cristobal Montoro said Thursday the draft budget for 2013 would cut overall spending by €40 billion ($51 billion). He said cuts for ministries would average 8.9 percent.
THE OUTLOOK: Many think the measures are a precursor to Spain, the third largest economy in the eurozone, to seeking European Central Bank help.
