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Unrest in Spain Continues Amid Economic Turmoil

Posted: Oct. 2nd, 2012  |  By Michael Pearse
Although Spain’s Budget Minister Cristobal Montoro has predicted that the country will break free from its recession sometime after next year, he has suggested that the sky-high unemployment rate of 25% will not likely change very much. This begs the question, how can a country have anywhere near 25% unemployment and not be considered in a recession?

Spain announced cutbacks and tax increases Thursday aimed at saving $50 billion from its budget next year, as Europe's fourth-largest economy struggles to avoid a larger bailout by its neighbors.

Under a draft budget for 2013, civil servants' salaries would remain frozen for a third year, all government departments would take a budget cut of about 9%, and new taxes would be levied on lottery winnings, the government said Thursday.
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