Spain's PM announces 65-billion-euro austerity packageJuly 11, 2012 - 17:25 AMT PanARMENIAN.Net - Spain's Prime Minister Mariano Rajoy announced Wednesday, July 11 a 65-billion-euro ($80 billion) austerity package to avert financial collapse as angry miners rallied against subsidy cuts. According to AFP, Rajoy, interrupted by howls from opposition members as he outlined the cuts, performed a U-turn by ramping up value added sales tax having promised he would not raise it, and took an axe to state expenditure. "These are not pleasant measures but they are necessary," said the bearded 57-year-old leader of the conservative Popular Party. Rajoy reminded parliament that Spain is going through one of its worst recessions in history, with unemployment at 24.4 percent, and economic activity set to decline by 1.7 percent this year. Spain's premier said new spending cuts and other measures including notably a rise in value-added tax would bring in 65 billion euros by the end of 2014 to help trim the annual deficit. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. Armenian government besieged by protesters Protesters led by Archbishop Bagrat Galstanyan poured into Yerevan’s Republic Square to try to surround the seat of Armenia’s government. EU calls on Azerbaijan to release all political prisoners The European Union calls on Azerbaijan to release all those imprisoned for exercising their fundamental rights. |