Spain unveils austerity measures

Spain's Finance Minister Elena Salgado announces a package of austerity measures at Moncloa palace in Madrid amid the eurozone's mounting debt crisis.

The measures approved by the Cabinet include selling off nearly a third of the national lottery, partially privatising airports, cutting jobless benefits and trimming taxes for small companies.

Spain, which has soaring unemployment and a swollen deficit, is battling to convince markets it can handle its debt and won't need a bail-out like Ireland and Greece.

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