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Spain unveils austerity plan with $80 billion in cuts
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panish Prime Minister Mariano Rajoy has unveiled an austerity plan with 65 billion euros ($80 billion) worth of spending cuts and tax increases. Under the new austerity package — Spain's fourth in seven months — unemployment benefits will be scaled back, public workers will no longer receive year-end bonuses, local governments will be consolidated, a tax break for home buyers will be eliminated, and the sales levy will be raised from 18 to 21 percent. Rajoy's announcement comes as European financial ministers finalize a 100-billion-euro bailout for Spain. "I know that the measures I've announced aren't agreeable," the prime minister said in an address to Parliament Wednesday. "They aren't agreeable but they are essential. We are in an extraordinarily serious situation."

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