THE NEWS: Spain’s king and crown prince are cutting their pay by about 7 percent as the government attempts to control its deficit during a recession.
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THE NUMBERS: King Juan Carlos and Crown Prince Felipe are cutting their yearly salaries to about €272,000 ($334,000) and €131,000 ($160,000), respectively. The royal family’s budget is down 2 percent from 2011.
THE REASON: Spain is enacting more austerity to convince investors it has a plan to deal with its public finances and its banks, which are being bailed out with up to €100 billion from the other 16 countries that use the euro.
