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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Apple overtakes Microsoft as biggest tech company 26 May 2010 Apple overtakes Microsoft as biggest tech company 26 May 2010 BP exec: Appears only drilling mud flowing from well 26 May 2010 Stocks up 2 percent on energy and tech | Video 10:46am EDT BP wrestles oil spill as Obama pauses deep drilling | Video 11:04am EDT Obama to keep drilling moratorium for 6 months-aide 7:59am EDT BP oil well "top kill" bid continues, no update yet | Video 10:36am EDT North Korea vows to rip up military safeguards with South | Video 7:31am EDT Risque Venus brings Moulin Rouge style to French Open 26 May 2010 Lehman sues JPMorgan for billions in damages 26 May 2010 Apple overtakes Microsoft as biggest tech company 26 May 2010 Apple overtakes Microsoft as biggest tech company 26 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Another death at China iPhone maker's plant 9:10am EDT Facebook boosts privacy controls amid criticism 26 May 2010 U.S. gene study reveals toll of heavy smoking 26 May 2010 Risque Venus brings Moulin Rouge style to French Open 26 May 2010 Lehman sues JPMorgan for billions in damages 26 May 2010 Top investors share concerns about markets 8:55am EDT U.S. to suspend Arctic drilling: Alaska senator 6:34am EDT Commentary Bernd Debusmann: In Mexico, a drug war of choice? Mexico's drug war history has two versions, one of which paints President Felipe Calderon in a desperate fight to legitimize his presidency by waging war on drug cartels. Is he stuck in a battle he can't win? Commentary Slideshow: Mexico's bloody drug war Spain austerity plan scrapes through parliament Sonya Dowsett MADRID Thu May 27, 2010 9:29am EDT A screen shows the voting results for the Spanish government's austerity plan at the Parliament in Madrid May 27, 2010. Credit: Reuters/Sergio Perez MADRID (Reuters) - Spain's governing Socialists won approval for a 15 billion euro ($18.4 billion) austerity package by a single vote on Thursday, but the narrowness of the victory raised doubts over the government's ability to steer the country through economic crisis. World The razor-thin majority piled further pressure on Prime Minister Jose Luis Rodriguez Zapatero, who has been forced to ditch his party's traditional alliances in pushing through spending cuts and labor reforms as markets fret Spain could suffer a similar crisis to Greece but on a larger scale. The prime minister called off a scheduled trip to Brazil on Thursday, as an end-May deadline loomed for an agreement with unions and business for a wide-ranging labor reform -- another key policy demanded by international markets. Unions were meeting on Thursday to decide how to respond to the austerity package, which includes wage cuts for public servants. They have said a general strike is likely. With the opposition Popular Party voting against the austerity bill, it was only saved when 10 deputies from center-right Catalan nationalists CiU abstained. CiU parliamentary leader Josep Antoni Duran i Lleida told parliament that he did not want to plunge Spain into an immediate Greek-style crisis by blocking the austerity measures but that Zapatero should call early elections next year. "The problem is you and your government," Duran i Lleida told Zapatero, adding that his party would vote against the 2011 budget bill toward the end of the year. Defeat for the budget would make it much more difficult for Zapatero, lagging the Popular Party in opinion polls, to stay in power. "What is clear is the level of political instability, with parties asking for elections to be brought forward," said Javier Barrio analyst at BPI. The austerity bill was approved by 169 votes to 168, as the Popular Party even made sure one of its deputies was brought to the session in an ambulance. "This law is improvised, insufficient and unjust," PP leader Mariano Rajoy told parliament. MARKETS WANT MORE The PP, which has previously called for cuts in taxation, says the austerity package was made up on the hoof. The cuts are a key plank in the Socialist government's efforts to cut the large budget deficit and restore confidence in Spain's ailing economy, which has barely edged out of recession after two years. It has the euro zone's highest jobless, at 20 percent. The government's plan aims to save an additional 15 billion euros and includes wage cuts of 5 percent for civil servants this year. It aims to cut the budget deficit to 9.3 percent of gross domestic product this year and then to 6 percent in 2011, down from 11.2 percent last year. But the austerity bill's approval, while a relief, will not fully reassure markets, said Dirk Schnitker, international equity analyst at CM Capital Markets Bolsa. "It is a potentially massive pitfall avoided but it still leaves us with all the other known problems in Europe and Spain," he said. History professor Charles Powell of CEU San Pablo University said it was unlikely Zapatero should be shunted out before the end of the year, and pointed out no Spanish government has been forced out of office since the start of democracy in 1978. But he stressed the extraordinary strain faced by Zapatero as he deals with international pressure to bring Spain's yawning budget deficit under control while pacifying unions and minority parties at home. United States President Barack Obama and German Chancellor Angela Merkel have all spoken personally to Zapatero, urging reforms over concerns of potential contagion from the failure of an economy more than three times the size of Greece's. "That's when he realized that his room for maneuver was shrinking fast," said Powell. May 2012 is the latest date for the government to call elections, although most commentators expect general elections in 2011. Labor REFORM A return to economic growth and a sustainable reduction of Spain's massive public deficit will be impossible without profound structural reforms to an economy that grew too quickly due to a property boom and cheap credit. The government has given tripartite talks with unions and business leaders until the end of May to agree on long-awaited reforms to the structure of the labor market. Analysts see the shaking up of the country's inflexible labor laws and the easing of hiring and firing as vital toward restoring the country's competitiveness. "The labor reforms are crucial. They will help to restore growth in the long term. Growth is the only way out of these adverse fiscal trends," said Luigi Speranza, analyst at BNP Paribas. (Editing by Jason Webb) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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