Spain’s 11-billion rescue package

Spain’s Prime Minister has unveiled an 11-billion euro emergency package to help safeguard the country’s economy against the worst of the global financial downturn. He outlined the plan to MPs in Madrid, saying it was intended to create 300-thousand jobs in 2009. Eight-billion euros is earmarked for local infrastructure projects.

José Luis Rodríguez Zapatero said: “These measures complete a global plan against the crisis. They will apply in all scenarios where it’s possible to kick-start internal demand, and they respond to specific problems in the Spanish economy.”

This year, Spain has lost 800,000 jobs, half on them in the building industry. A million properties lie unsold, and business failures have rocketed by nearly 270 per cent. The 11 billion euros amounts to 1.1 per cent of Spain’s gross domestic product.

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