CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS (mparent7777_1) wrote,
CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS
mparent7777_1

Spanish government cuts short holiday as economy collapses

Spain's cabinet ministers took the unprecedented step of interrupting their summer holidays to hold an emergency meeting on the nation's deepening economic crisis.

By Fiona Govan, Madrid Correspondent

Last Updated: 4:48PM BST 14 Aug 2008

Jose Luis Rodriguez Zapatero, the Spanish prime minister, sought to address the "stagnation and slowdown" of the economy when he announced a package of 24 measures designed to lessen their effect.

Spain is among the European countries that, like Britain, have been hardest hit by the kock on effects of the economic downturn and credit crunch in the United States.

Mr Zapatero made the rare move of convening his cabinet during August, when Spaniards traditionally take their annual leave and Madridrelos escape the stifling summer heat of the capital. He called the meeting to approve a raft of measures that include the elimination of inheritance tax and the injection of finance into state housing projects.

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Tags: economy, spain
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