Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Spain claims reforms beginning to pay off

[May 08, 2013]  MADRID (AP) -- The Spanish government claims its austerity measures and reforms are paying off.

Conservative Prime Minister Mariano Rajoy told Parliament on Wednesday that Spain was no longer close to a financial abyss and the threat of needing a bailout had receded.

Rajoy said his policies were "beginning to work," though he said much remained to be done.

The premier claimed one major achievement was the sharp drop in recent months of the country's borrowing costs on bond markets. He said that could save the country up to 1 billion euros ($1.31 billion) this year.

Spain has been in recession for most of the past four years and has a record 27.2 percent unemployment rate. It has cut spending and raised taxes to bring its deficit down.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.