Financial

Sunday, May 30, 2010

Spanish lawmakers approved austerity plan
by Magdalena Rosova


Spanish parliament followed actions of other European governments and approved an austerity package of 15-billion-euro, which should bring the country's growing budget deficit under control. The plan, unpopular in public, was passed by a single vote. A defeat of the plan would have destabilized the markets and the current government of Socialists. In the vote, 169 votes were for the plan and 168 were against. The opposition Popular Party voted against the package, the have even brought one of their politician in an ambulance so that he can support the vote. The plan passed only thanks to 10 deputies from center-right Catalan nationalists CiU. They criticized the plant but ! later said the didn't want to see Spain in such crisis as Greece and so decided to abstain from voting. But CiU said they will not support the budget bill for 2011, which makes it more complicated for Prime Minister Jose Luis Rodriguez Zapatero to lead the country out from crisis. Josep Antoni Duran i Lleida, leader of CiU, asked Zapatero to call early elections next year. He even told Zapatero that he and his government were is the problem of Spain. If the plan had not been approved, the government would not have been able to get the deficit under control. It would rise question weather the fourth biggest economy in eurozone is sustainable or not. However, the conservative opposition Popular Party has different opinion and it is also leading in opinion polls. Leader of PP, Mariano Rajoy, told that the law was improvised, insufficient and unjust.

related story (sgx17418): http://www.lacrossetribune! .com/new s/world/article_dd93c750-0...
by Magdalena Rosova
for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

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