Spain's New Budget Emphasizes Big Cuts

The Spanish government announced the severest austerity cuts in the country's history as it approved measures and reforms aimed at creating budget savings of $51 billion to get the country back on firm financial footing.

Spanish officials announced the approval Thursday of the 2013 budget, agreeing to a freeze on public sector wages as well as cuts of an average of 8.9% in spending for government ministries, the equivalent of almost $5.1 billion.

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