2012-09-28 21:01:27

Greece, Spain Announce Austerity Plans Despite Mass Protests

Coalition leaders in Greece say they've reached a basic outline for an austerity package required to win over international lenders. The plan includes tax hikes as well as $15 billion in cuts to pensions, salaries and government spending. The proposal comes on the heels of mass anti-austerity protests in Greece amidst a general strike earlier this week. Spain, meanwhile, has announced its own plans for austerity cuts and tax hikes in a bid to strip $50 billion from next year's budget. Spain's austerity plans have also sparked a massive backlash, with protesters launching an "Occupy Congress" action earlier this week.

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