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All right so Spain is unveiling some tough new austerity measures that are aimed at -- and giant public -- said.
Under growing pressure to get their act together from the European Union to take a look at this chart it says the gross debt.
In Spain is more than 181000.
Dollars per person.
Now take a look at this stunning chart that shows that the US is on track to spends 60%.
More per person that is paying the over the next ten years this is analysts warn that Spain's new measures could extend their recession to 2014.
PayPal hot -- and then.
So what are the austerity measures that they're taking drag and and what does it mean for the future of your up.
Martha a lot of pain being felt in Spain this week in exchange for EU bailout money for its part in banks in a slight easing in the reduction.
That government debt it is that the sign on to some very tough austerity measures take a look at them.
-- hike in the value editor national sales tax from eighteen to 21%.
Cuts in civil servant -- amounting to about 7% and trimming back of unemployment benefits from sixty to 50% of the the last salary.
Even spot Spanish prime minister Mariano -- Jolie admitted that this is gonna do nothing for the Spanish economy in the near term.
GDP growth is expected to slip by one point 7% this year at best it'll be flat next year.
And it's not hitting European markets too well either they are all down Spanish stock market down.
More than 2% -- so -- reaction on this cracked.
As you can imagine -- -- and violent Martha.
In the streets of Madrid Wednesday was a bit of a war zone Spanish miners very upset about cuts to subsidies they've been marching for weeks.
They clashed with police police responded with -- -- rubber bullets into the crowd in that crowd there -- other anti austerity elements you can imagine why.
In Spain for use.
Neighboring Italy -- prime minister Mario -- -- said this looks like a war inside and outside.
And economic war across Europe back in my 25%.
And -- Craig thank you very much for that report.
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