Spain incoming Prime Minister Mariano Rajoy, who will take charge today, offered up his first concrete reform measures yesterday: reduce public spending by 8.8% in 2012.
"We will have to reduce current agreements between the Spanish government and the EU by 16.5 billion euros if we are to comply with government predictions for the next year," Rajoy said during his acceptance speech. This means that one day from now he will plan on reducing public spending by nearly 9%.
The way to close the gap will be made known in detail when the incoming government designs its 2012 budget. "We propose a detailed analysis of all and each sections of the budget in order to ensure that not a single superfluous euro is spent," Rajoy assured.
