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Madrid prepares for protests as budget is passed

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Madrid prepares for protests as budget is passed


The Spanish parliament has approved the 2013 budget with savings of 39 billion euros. The government says the tough cuts are needed to fix the public finances in a country where the unemployment rate is over 25 percent.

Europe’s fourth largest economy has been hit hard since the housing bubble burst in 2008 and the outlook is not set to improve with Conservative Prime Minister Mariano Rajoy warning that next year would a difficult one.

A mass demonstration is planned in Madrid where one group labelled the budget as, “one of hunger and misery”.

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