Spain's PM announces 65-billion-euro austerity packageJuly 11, 2012 - 17:25 AMT PanARMENIAN.Net - Spain's Prime Minister Mariano Rajoy announced Wednesday, July 11 a 65-billion-euro ($80 billion) austerity package to avert financial collapse as angry miners rallied against subsidy cuts. According to AFP, Rajoy, interrupted by howls from opposition members as he outlined the cuts, performed a U-turn by ramping up value added sales tax having promised he would not raise it, and took an axe to state expenditure. "These are not pleasant measures but they are necessary," said the bearded 57-year-old leader of the conservative Popular Party. Rajoy reminded parliament that Spain is going through one of its worst recessions in history, with unemployment at 24.4 percent, and economic activity set to decline by 1.7 percent this year. Spain's premier said new spending cuts and other measures including notably a rise in value-added tax would bring in 65 billion euros by the end of 2014 to help trim the annual deficit. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |