Spain's Budget Reveals $51B Austerity Cuts As Rajoy Enjoys Cigars In New York

From forbes.com

A day after Spanish Prime Minister Mariano Rajoy was caught in the streets of New York enjoying a cigar, his administration presented their 2012 budget. Madrid has been negotiating with Brussels to present a budget that will approximate the “strict conditionality” that will accompany what many suggest is an inevitable bailout of the Eurozone’s fourth largest economy. Yields on Spanish bonds, which had surged in anticipation of the announcement, fell under 6% once again. “This is a crisis budget designed to get out of this crisis,” said Deputy Prime Minister Soraya Saez de Santamaria to the press, flanked by ... (full story)