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Rajoy sets out Spain's new economic targets

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Rajoy sets out Spain's new economic targets
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Spain’s incoming Prime Minister Mariano Rajoy has set out a programme of deep cuts to fight the financial crisis.

In his first speech as leader to the country’s new Parliament, Rajoy, said budget stability and reforms would be among ideas central to his objectives.

The conservative People’s Party leader said the country faces more austerity but added that his government would raise pensions in real terms next month, the only item of public spending it will increase.

He also pledged cuts at all levels of government while offering tax breaks for companies. His promises boosted confidence, helping debt yields drop from euro-era highs since the election.

But there was opposition to his plans from the Basque pro-independence coalition Amaiur, absent from parliament since 1996. It has been refused its own parliamentary group by the ruling conservatives as it didn’t obtain the 15 percent needed.

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