Bloomberg News

Spain Faces Crisis as Rajoy Boosts Budget Cuts

April 10, 2012

Spanish Prime Minister Mariano Rajoy stepped up efforts to reassure investors he can bring the country’s deficit under control as his government fights to avoid becoming the fourth euro-area member to require a bailout.

Rajoy met with his health and education ministers yesterday to discuss cuts of more than 10 billion euros ($13 billion) as the government reiterated its pledge to reduce the deficit to 3 percent of gross domestic product next year. That includes plans to accelerate the sale of stakes in lenders under government administration, according to an e-mailed statement. (Source: Bloomberg)

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