Spanish miners demonstrate in Madrid at the end of a two-week protest march against cuts in subsidies for the mining sector. (© AP/dapd)
After the Euro Group's agreement to bail out Spanish banks, Prime Minister Mariano Rajoy has announced further drastic austerity measures and plans, among other things, to raise VAT. Several people were injured in Madrid during protests against the crisis policy. Commentators hope the drastic cuts will pay off in the end, but aren't sure that Spain will be able to steer clear of bankruptcy.