Spain's new leader vows 16.5-billion-euro cuts

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Spain's incoming prime minister Mariano Rajoy vowed on Monday to slash the public deficit by 16.5 billion euros to calm financial markets with deep cuts to rescue the economy from crisis. With five million people unemployed and warnings of a fresh recession looming, Rajoy gave the first details of how he plans to create jobs, clean up banks and reassure investors that he can stabilise Spain's finances. Duration: 00:45
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Producer : AFP News

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