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September 28, 2012

Greece, Spain Announce Austerity Plans Despite Mass Protests 
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Coalition leaders in Greece say they’ve reached a basic outline for an
austerity package required to win over international lenders. The plan
includes tax hikes as well as $15 billion dollars in cuts to pensions,
salaries and government spending. The proposal comes on the heels of
mass anti-austerity protests in Greece amidst a general strike earlier
this week. Spain, meanwhile, has announced its own plans for austerity
cuts and tax hikes in a bid to strip $50 billion from next year’s
budget. Spain's austerity plans have also sparked a massive backlash,
with protesters launching an “Occupy Congress” action earlier this
week.