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Germany, too, may be nearing recession

European stalwart grew 3% in 2011, but slipped at end

Associated Press

  January 12, 2012

Spain’s Parliament approved the new conservative government’s first austerity measures Wednesday, which aim to rein in the country’s swollen deficit with €8.9 billion ($11.5 billion) in spending cuts. The measures, which also include income and property tax hikes, were approved by 197 deputies in the 350-seat lower house, where the ruling Popular Party has an absolute majority of 185 seats after a landslide election win in November.

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