The new Spanish government will present its first budget Friday, with austerity expected to be the overriding theme. The People’s Party failed to win a majority in crucial regional elections on Monday, sparking fears about the level of support for Rajoy’s austerity program. Friday’s budget is expected to reinforce his commitment to cut the deficit, despite worries about its impact on growth and a general strike planned for Thursday. “Now it is crunch time for the Spanish government, the countdown to convince the markets that Spain is fully committed to execute a fiscal plan consistent with the very ambitious fiscal ... (full story)