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Spain details new austerity plan worth US$68.8 billion

MADRID--Spain's government has published details of how it will impose taxes and cut budgets to shave 56.4 billion euros (US$68.8 billion) from its deficit by 2015 as it strives to achieve targets agreed to with the European Union.

A statement dated Friday on the Economy and Competitiveness Ministry's website says the government will accrue 34.4 billion euros (US$41.9 billion) from increased taxation and achieve the rest through expenditure cuts, although the total does not reach the 65 billion euros (US$79 billion) that the government approved Friday.

The statement notes separate energy taxes will be announced later.

Newspaper El Mundo said Sunday in an editorial that it was surprised the figures were published in English “destined for foreign investors and press” but not in Spanish.

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