AP - The Spanish government approved new austerity measures and a limited economic stimulus package to ease investor fears about its debt — and insisted again it was taking strong steps to right its ailing economy.
MADRID (Reuters) - More than six million Spaniards were out of work in the first quarter of this year, raising the jobless rate in the euro zone's fourth biggest economy to 27.2 percent, the highest since records began in the 1970s. The huge sums poured into the global financial system by major central banks have eased bond market pressure on Spain, but the cuts Madrid has made in spending to regain investors' confidence have left it deep in recession.
MADRID – Spain’s conservative prime minister is preparing a package of small measures — such as tax breaks for young entrepreneurs — to stimulate the economy even as he vows to stick to budget cuts.
Prime Minister Mariano Rajoy, whose popularity has plummeted after a year in the job, will announce the steps on Feb. 20 in his first State of the Union address in an effort win back public trust after severe spending cuts.
Japan's Cabinet has approved a 422.6 billion yen ($5.3 billion) economic stimulus package, hoping to fend off recession amid mounting signs of a faltering recovery in the world's third biggest economy.