MADRID — Spain’s king and crown prince are to take a pay cut as part of the latest round of austerity measures meted out by the country’s government as it attempts to control its deficit during a recession.

King Juan Carlos and Crown Prince Felipe are cutting their yearly salaries by about 7 percent — to about $334,000 and $160,000 respectively — in line with the new austerity package, the Royal Palace said. The royal family has about $10.20 million budgeted for it this year, down 2 percent from 2011.

Spain is enacting more austerity in an attempt to convince skeptical investors it has a strategy to deal with its public finances and its banks, which are being bailed out with up to $122.91 billion from the other 16 countries that use the euro.

On Tuesday the country tapped bond market investors for $4.4 billion in the first debt auction since unveiling its latest package of cuts. Its ability to raise the money at lower interest rates represented a rare bit of good news for the conservative government, which is facing mounting opposition to its austerity plans.