Posted by
alfredlester on Friday, December 03, 2010 9:18:33 AM
MADRID – The Spanish government is meeting to approve austerity measures that it hopes will soothe investor fears about its debt.
The moves include selling off nearly third of its national lottery, partially privatizing airports, cutting a jobless benefit and trimming taxes for small companies. Spanish news reports say the government may also increase taxes on tobacco.
The measures are to be passed at a weekly cabinet meeting Friday free business cards.
Spain, which has soaring unemployment and a swollen deficit, is battling to convince markets it can handle its debt and will not need a bailout from the European Union like Ireland and Greece.
Spain to approve new measures to calm markets