Finance Minister Cristobal Montoro said it was the most austere budget proposal since Spain regained democracy in 1977 after the death of Fen. Francisco Franco. “We are taking extraordinary measures because the situation is extraordinary,” Mr. Montoro told a news conference after a Cabinet meeting at which the budget plan was passed. The blueprint will go to Parliament on Tuesday and is expected to be formally passed in June. Spain's commitment is to cut its budget deficit to 5.3 per cent of GDP from 8.5 per cent last year. The challenge is doing so as the economy shrinks and with unemployment of nearly 23 per cent. ... (full story)