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Rajoy Says Spain Future at Stake as State System Questioned

Source: Bloomberg - Wed 11th Apr 2012
Rajoy Says Spain Future at Stake as State System Questioned

Prime Minister Mariano Rajoy said Spain's future is on the line in its battle to tame surging bond yields, as the head of the nation's second-largest region proposed handing back powers to the government to cut costs.

With Spanish bonds trading closer to levels that prompted Greece, Ireland and Portugal to seek European bailouts, Rajoy will address lawmakers of his People's Party today to explain the deepest budget cuts in three decades. The prime minister is due to meet with his cabinet later today to discuss further.

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