Spain's lawmakers gave their final approval to a package of government-proposed labour market reforms aimed at cutting down the country's high unemployment rate and reviving the economy.
Spain’s unemployment rate already the highest in the Euro region rose to the most in more than a decade in the second quarter: 20.09% up from 20.05% in the first quarter, according to the country’s National Statistics Institute. This is the highest since 1997.
The European Union and Latinamerica could play a crucial role in helping solve the Middle East conflict said Syrian president Bashar al-Assad following an offer from Spanish president Jose Luis Rodriguez Zapatero to mediate in a Damascus-Israel dialogue.
Spain's ambitious six-month presidency of the EU was eclipsed by the European debt crisis which thrust the country's fragile economy into the global spotlight and weakened the Spanish government, analysts said.
IMF Managing Director Dominique Strauss-Kahn praised Spain’s management of the current economic situation and said the budget deficit will shrink “rapidly” as the government’s overhaul of labor rules boosts economic growth.
Within the framework of the European Union/Latam leaders’ summit held in Madrid, the EU and Chile agreed to improve and strengthen relations, with a special focus on energy and trade, five years after the launch of the Association Agreement.
Portugal has become the latest country to introduce austerity measures, after both Greece and Spain took similar steps to stabilize public finances in the face of massive debt.
Under pressure from Europe to deliver (shape up or ship out) Spain's PM has outlined a plan to tackle the country's budget crisis, amid concerns that problems afflicting Greece may spread across the Eurozone.
Chile’s president Sebastian Piñera has a busy schedule planned for the upcoming Latin America, the Caribbean and the European Union Summit scheduled for Madrid early next week. Piñera will use the opportunity to explain exactly what he wants to do with his four years of presidency.
United States shares closed lower on Tuesday as global stock markets stalled on niggling worries over European debt problems. On Wall Street, the Dow Jones index closed down 0.34% following a turbulent day's trading, and a nearly 4% rise on Monday.