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Several hundred marchers rally in Spain's capital to protest high unemployment, austerity cuts

Published on July 22, 2012; Published on July 22, 2012

Topics :: Spain , MADRID

MADRID - Several hundred demonstrators have travelled to Madrid from many parts of Spain to protest the country's near 25 per cent unemployment rate as well as the stinging austerity measures introduced by the government in a bid to avoid an international financial bailout.

Many of the protesters are unemployed and walked long distances to converge on the capital city.

They arrived a day after the final go-ahead for a bank bailout loan of up to €100 billion ($122.9 billion) failed to calm international markets. The nation's key borrowing rate rose to a euro era record of 7.2 per cent in reaction to the country's continued recession and the debts of its regions.

Carrying banners saying "No cuts" and "United, that's enough" protesters headed to Madrid's Puerta del Sol square late Saturday.

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