17 February 2012

SPAIN : Conservative PM Rajoy Cracks Down On State Executive Pay.


     Here's a bit of a shocker.
     Spain's new PM Mariano Rajoy (foto)...a conservative...announced his administration's third crackdown on state executive pay.
     It means that basic salaries at large state firms will top out...at E105,000/$138,000... effectively cutting average salaries...by a whopping 35%...at some 4,000 firms.
    Rajoy's actions come after widespread public anger over recent 'golden parachutes'...given then withdrawn...from some top executives of failed state banks.
    Spain also needs to pare E40 bn from its budget...while suffering from a 23% unemployment rate.