Euro Crisis : Spanish Budget Affects Markets

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European markets fell sharply yesterday –  the FTSE 100 losing £23.2bn –  as fears rose about riot-hit Spain, and the unrest in other European nations including Greece and Portugal was widely reported.

Austerity measures demanded by the European Union and the International Monetary Fund to resolve the debt crisis  are unsurprisingly unpopular amongst the already-stretched people living in the worst-affected countries.

Spain is expected to announce additional austerity measures worth £31bn in its 2013 Budget later today. It is hoped the plans may help to win over sceptical investors, scared the eurozone’s fourth largest economy does not have the political will to get its finances under control.

The reforms are likely to include a new tax oversight body as recommended by Brussels, restrictions on early retirement, and new taxes on emissions and share deals.

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