Rajoy Announces 65 Billion Euros in Budget Cuts to Fight Crisis

Rajoy Announces 65 Billion Euros in Budget Cuts to Fight Crisis

Angel Navarrete/Bloomberg

Spanish Prime Minister Mariano Rajoy announced tax increases and spending cuts totaling 65 billion euros ($80 billion) in the next two-and-a-half years, deepening a recession to keep the euro financial crisis at bay.