Spain to impose further austerity measures

  • Spain is set to present its austerity budget for 2013 later in the day in the wake of a plummeting economy and an unemployment rate of 25 percent.

    Madrid is expected to highlight $50 billion worth of savings, tax rises, and structural reforms.

    The budget follows protests over the austerity measures this week, and rising expectations that Spain will seek a bailout from its euro zone partners.

    On Friday, the results of a stress test on Spain's banks are due to be released.