• Increases the value added tax from 18% to 21%

• In addition, the tax will be increased pollution

• The size of the budget measures will be 65 billion euros, the duration of the course of reforms - 2.5 years

• Salaries of civil servants will be reduced, and bonuses at the end of the year canceled

• The number of employees in the legislative field will be reduced

• The system of calculation of unemployment benefits will be reviewed.

Mariano Rahoy also noted that Spain is quite difficult, as it is undergoing the second largest in the recession in its history. He called on Brussels soon to fulfill the agreements reached during the summit and on the direct recapitalization of local banks to reassure market participants. He also expressed satisfaction with the conditions attached to aid.

Yield of 10-year Spanish bonds decreased by 2.7 pips. to 6.71% on the news.