30 billion euros of cuts to be announced this weekend

A new wave of “financial adjustments” (cuts) are expected to be announced this weekend or early next week by the Spanish government, totalling up to 30 billion euros according to some reports.

The cuts are to meet EU demands in exchange for the 100 billion bailout.

The IVA increase is expected to be among the changes.

Other changes are likely to be further pay cuts in the public sector, a freeze on pensions and benefits, closing or selling off of state TV and radio broadcasters, sale of state assets in public companies and more reductions of public jobs, although nothing has been confirmed.

Rajoy has hinted that these cuts will be a major step in the route towards Spains modernisation (in his own words).

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