Spain economises to save the euro

The Spanish cabinet on Thursday approved the austerity measures previously announced by the government. The left-liberal daily El Periódico de Catalunya stresses that Spain is not acting alone here: "The measures approved yesterday confirm that the government's major objective now is to reduce the deficit. This is a change in course that has been forced by the crisis of the euro, and an expression of a general trend in which Europe has created a stability fund of 750 billion euros and the European Central Bank has intervened in the markets. These are very new decisions which were not foreseen in the treaties, because all the governments now believe that the top priority is to save the euro as its disintegration would have grave consequences for economic, political and social stability. And this rescue requires fiscal consolidation."

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