Thread: Spain set for further austerity measues & tax evasion clampdown

Speaking at a summit on eurozone debt, the Spanish prime minister - Jose Rodriguez Zapatero, has announced that his government will adopt new economic measures in order to reassure markets that the country's deficit is under control.

He said the govt would enact legislation that would limit government spending and also pledged to crack down on tax evasion.

Some analysts think Spain may require a bail-out from Europe and the IMF.

Spain has already cut government spending and introduced pension and labour market reforms.

However the economy is struggling with an unemployment rate of 20%.

"Spain will adopt new measures to reinforce its response to the economic crisis and strengthen the foundation of our economy," Mr Zapatero told reporters.

The move comes in the wake of fresh concerns over Portugal and whether it will be forced to request a bail-out.

I am surprised Spain hasn't already followed Greece and Ireland into having to get bailed out by Europe, Portugal are on the brink of financial disaster and we have paid out billions of pounds along with other EU countries to bail them out and we will have to lend billions to Portugal and probably Spain, money we haven't got, its madness, because............ it will be us next.

Apart from tourism Spain doesnt have a lot to offer the world, must be very difficult for people living there, I feel sorry for them. such a nice place, have had some lovely holidays there,

Originally Posted by peacock

Apart from tourism Spain doesnt have a lot to offer the world, must be very difficult for people living there, I feel sorry for them. such a nice place, have had some lovely holidays there,

You mean it doesn't have coal? seriously, what do you mean?

Originally Posted by Hoff to Oz

I am surprised Spain hasn't already followed Greece and Ireland into having to get bailed out by Europe, Portugal are on the brink of financial disaster and we have paid out billions of pounds along with other EU countries to bail them out and we will have to lend billions to Portugal and probably Spain, money we haven't got, its madness, because............ it will be us next.

makes you wonder where there finding all this money from

Originally Posted by peacock

makes you wonder where there finding all this money from

Cuts, cuts and..................... more cuts. lol

To use an Aussie phrase, many in Spain are 'doing it tough' at the moment. - Youth unemployment is a whopping 43.5%
The total jobless rate is 4.7 million (about 20.5% of the population - more than twice the eurozone average).

That youth unemployment figure is astounding, that is double the rate of both Australia and the UK. Almost 1 in 2 youths aren't working. I know people talk of a long hard struggle for the UK but it is nothing against what Spain will go through.

Those figures are appalling and incredible Rob.

Well the question is why the politicians let the debt to grew so much. Now of course the future generations are called to take the burden of their parent's reckless actions !