Spain cannot find a way to deal with sovereign debt crisis

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Source: The Telegraph
As demand for Spanish bonds weakened and interest rates jumped to a crisis-peak-time high of 6.46%, Spain already has cut public salaries by 7% and raised VAT up to 21%. Leader of the Socialist Party Alfredo Rubalcaba claimed Spain might loose up to 600 000 jobs next year and unemployment could reach 32%. Moreover, Cristobal Montoro, treasury minister, proposed second VAT rise in the future in order to finance services. During the year Spain's debt increased from 68% to 90% of GDP.
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