8:18 PM
Jalal HB
Spain is cutting 27bn euros ($36bn; £22.5bn) from its budget this year as part of one of the toughest austerity drives in its history.
Changes will include freezing public sector workers' salaries and reducing departmental budgets by 16.9%. The government says it will raise 12.3bn euros this year, aided by an increase in tax for large companies.
Deputy Prime Minister Soraya Saenz de Santamaria said the nation was in an "extreme situation".
Read more: BBC News
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