Spain Raises Value-Added Tax to Whopping 21% (EWP)
Tweet Send to a Friend
Officials in Spain announced a new round of austerity measures worth an estimated €65 billion. Value-added tax in the country was increased to 21 percent from 18, jobless benefits were slashed, and state employee salaries took a haircut. The harsh cuts will help the country reduce its budget deficit, and some say it is meant to appease so-called bond vigilantes who have forced yields on Spanish 10-year bonds as high as 7 percent recently. Many fear that the steep new austerity measures in Spain will lead to a continued contraction in the economy.
iShares MSCI Spain Index (NYSE: EWP) is lower by 8.54 percent in the past 5 days.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
iShares MSCI Spain Index (NYSE: EWP) is lower by 8.54 percent in the past 5 days.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Gold (GLD) Goes Crazy; Trades Up Despite Fed Speak
- GLD Holdings Continue to Decline (GLD) (SLV) (GDX)
- Existing Home Sales Hit Multi-Year High of 4.97M in April
Create E-mail Alert Related Categories
ETFs
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
