King Juan Carlos, who early in his reign faced down a military coup that threatened Spain’s return to democracy before seeing his family dragged into a corruption scandal last year, said he will abdicate the throne in favor of his son.
Spain’s deepest budget cuts in 30 years may be just the start of a U-turn by Prime Minister Jose Luis Rodriguez Zapatero that’s already sent his popularity plunging and prompted calls for a general strike.
Spain must overhaul its pension system, raising the retirement age and changing the way payments are calculated, Prime Minister Jose Luis Rodriguez Zapatero said, as the country tries to put its public finances in order.
Prime Minister Jose Luis Rodriguez Zapatero has three weeks to draft a budget that can unite Basques who want to split from Spain and investors skeptical he can tame the euro region’s third-largest budget deficit .
Spanish Prime Minister Jose Luis Rodriguez Zapatero called early elections as austerity measures erode support for his Socialist Party and the country seeks to convince investors it can control the budget deficit.