Spain unveils austerity package

Spain's Prime Minister Mariano Rajoy announced on Wednesday a 65-billion-euro ($80 billion) austerity package to avert financial collapse as angry miners rallied against subsidy cuts.

Rajoy, interrupted by howls from opposition members as he outlined the cuts, performed a U-turn by ramping up value added sales tax having promised he would not raise it, and took an axe to state expenditures.

"These are not pleasant measures but they are necessary," said the bearded 57-year-old leader of the conservative Popular Party.