Promises Go Out the Window as Spain Undertakes Huge Tax Increase Coupled With Biggest Budget Cut in History

``In theory these cuts will put Spain on target. In practice they won't. Unemployment rate is already 22.8% and it will rise. Spending will plunge and so will estimated revenues from VAT and other taxes. Expect more business bankruptcies as well, and those bankruptcies will impact the solvency of banks. In short, these moves will backfire and the depression in Spain will worsen.''