AOL.com Video - Spain Unveils Tax Hikes to Tackle Deficit

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Spain Unveils Tax Hikes to Tackle Deficit

Description:After seeing the books, Spain's new government says the country is worse off than expected. It revealed the public deficit for 2011 is 8% of gross domestic product, well over the offical target of 6%. Now it's announced a raft of new taxes and public spending cuts to tackle the deficit. Deputy Prime Minister Soraya Saenz de Santamaria outlined cuts worth 8.9 billion euros. (1:59)

Source: Reuters

Tags: Spain Unveils Tax Hikes to Tackle Deficit , European economy , eurozone , reuters