SAN FRANCISCO Tens of thousands of protesters gathered Saturday in central Madrid for a rally against sharp cuts in public spending, a day after Spain’s finance minister suggested that new belt-tightening steps are imminent, The Wall Street Journal reported. The rally was the latest display of popular resistance to the crisis measures that European leaders are demanding of Spain and other heavily indebted euro-zone countries in an effort to shore up the common currency, the Journal said. Spain is trying to reduce a gaping budget deficit, which stood at nearly 9% of gross domestic product last year, to 2.8% in 2014, and overhaul an economy in deep recession. On Friday, Finance Minister Luis de Guindos said new policies would be announced Sept. 27, a move apparently aimed at pre-empting reforms that could be imposed on Spain should it seek assistance from euro-zone bailout funds, the Journal said. De Guindos gave no details, but said the new measures would reflect recommendations of Spain’s euro-zone partners, with whom he was meeting over the weekend in Nicosia, Cyprus.
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