Spain Under Pressure to Show ‘Hair Shirt’ Budget
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Finance Minister Elena Salgado is under pressure to reassure investors that Spain’s not going soft on austerity when she presents her budget today.
Salgado, who holds a press conference at 1:45 p.m. in Madrid, says new measures beyond those already announced may not be needed to achieve the deepest deficit cuts in 30 years. The budget, set to be approved by cabinet today, will be sent to parliament by Sept. 30 before going to a vote next month. Prime Minister Jose Luis Rodriguez Zapatero’s minority government is in talks with Basque lawmakers to get the plan passed.