Spain opts for more austerity in 2012

Spain’s new government has said the public deficit for 2011 will be 8% of GDP, well above its target of 6%, and has announced increases in income and property tax along with a wage freeze for civil servants to tackle it. Looks like a very tough year ahead for the Spaniards, one of several in the last few years,as illustrated in this timeline.

This Reuters video provides more background information on the proposed austerity measures;