Friday, April 18, 2008
The shape of things to come
The Spanish government approved 18 billion euros ($28 billion) of emergency tax cuts and spending to shore up an economic expansion undermined by a slumping housing market and the global credit shortage. The measures, passed by decree today and enacted immediately, will provide a 400-euro tax rebate to all workers and pensioners, part of 10 billion euros of outlays this year. The remaining 8 billion euros are earmarked for next year.