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    Spain PM announces 65 bn euro austerity package

    Spain's Prime Minister Mariano Rajoy announced Wednesday a 65-billion-euro ($80 billion) austerity package to avert financial collapse as angry miners rallied against subsidy cuts. Rajoy, interrupted by howls from opposition members as he outlined the cuts, performed a U-turn by ramping up value added sales tax having promised he would not raise it, and took an axe to state expenditure. Duration: 00:40