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Spain to Slash Wages to Cut Deficit; Unions Angry

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donsutherland1

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Following the European Union's nearly $1 trillion package to provide for financial stability and to help the EU's highly-indebted states address their liquidity needs, Spain moved to begin to address its budget deficits.

CNBC reported:

Spain will cut wages of state employees and slash investment spending, sparking union anger at the government's toughest moves yet to rein in a budget deficit some feared could ignite a bigger version of the Greek crisis...

"We need to make a singular, exceptional and extraordinary effort to cut our public deficit and we must do so now that the economy is beginning to recover," Zapatero told parliament as he detailed the cuts totalling 15 billion euros ($19.05 billion) in 2010 and 2011.
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Spain may just be redeeming themselves. Good for them. Let's hope this is permanent.
 
If only it were so easy here. We'll need a lot more than wage cuts.
 
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