17/07/2012 00:00
To Spanish Prime Minister Mariano Rajoy who this week announced he would be raising the VAT rate by three points, breaking an election promise. Many financial experts are already saying that the move will dent Spain´s chances of recovering from one of the worst recessions in Spanish living history. The new VAT rate comes into force on September 1 and the move has already been slammed by both business groups and unions. Money will now be even shorter.
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