Economy: Economic News, Policy & Analysis - The Washington Post: Spain faces unemployment pain after embracing austerity in European crisis

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Spain faces unemployment pain after embracing austerity in European crisis Feb 19th 2012, 01:20 MADRID — While Greece haggles over every detail in an austerity plan imposed by the European Union and the International Monetary Fund, Spain has been Europe's good student. Even while the Socialists were still in power, Spain took the initiative in slashing mercilessly into welfare budgets and reducing salaries, vowing to get a handle on a dangerous pile of deficits and debts. The conservative prime minister elected three months ago, Mariano Rajoy, has pursued the cutback campaign even more vigorously, raising taxes and redoing labor laws. Read full article >>

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