Mobile telecommunications provider Vodafone said it is ready to cut 620 jobs at its unit in Spain, which has been hit hard by the recession in the region, after reaching an agreement with labor unions there, according to Reuters.
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Vodafone to Cut 620 Jobs in Spain
February 18, 2013 Leave a Comment
Tensions Grow Inside Eurozone
July 24, 2012 Leave a Comment
Spain announced the adoption of new rigid economy measures to reduce the budget deficit with the aim of saving €65 billion in nearest 2,5 years. In particular, VAT was increased from 18% to 21%, while the unemployment benefit was cut, according to Mariano Rajoy, Spain’s Prime Minister. He also added that these measures are not pleasant but they are necessary.
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Spain Increases Sales Tax
July 22, 2012 Leave a Comment
With the purpose of decreasing country’s budget by 65 billion euros the Spanish Prime Minister Mariano Rajoy has reported about raising sales tax. The growth of the value added tax will make up 3% (from 18% to 21%), so the reduction to the local authority budgets will amount to 3.5 billion Euros.
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Spain Granted a Bailout, Greece Still to Deal With
July 16, 2012 Leave a Comment
As European economics keeps shrinking and Euro Zone experiences serious recession, leaders and international community shift the focus from one country in turmoil to another. By now Greece and Spain are going through the most hardships. Spain has been recently granted a large bailout, giving hope to financial market players. After the financial sector got capital infused, Spanish situation has somewhat settled down, but concerns are in Greece again. European leaders planned to discuss the issue on June 19 meeting in Mexico.
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