Spain unveils $79 billion austerity plan

Spain has announced a $79.85 billion austerity package that includes tax hikes and spending cuts a day after it won approval from its euro partners for a huge bailout of the country's stricken banks.

Prime Minister Mariano Rajoy told Parliament the country's future was at stake as Spain grapples with recession, a bloated deficit and investor wariness of its sovereign debt. He said the savings will be achieved through 2015 by a hike in sales taxes and a series of spending cuts through 2015. (AP)