It is fair to say Spain has had a turbulent 2012 so far.
Having already passed an austerity budget last year, including taxes on the wealthy and a 28% increase on tobacco duty, Europe’s fifth-largest economy and the world’s 12th cut €27bn from its budget in late March as a part of another austerity drive. Findings from credit information specialist CMA, covering the first quarter of 2012, showed Spain was the tenth most risky sovereign credit in the world, a newcomer to the list. Adding to the negative news, in recent weeks the yield on 10-year Spanish bonds passed the 6% mark for the first time since it peaked at 6.7% in November. Meanw...
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