Euro Crisis

Madrid Protesters March Again

Call for reversal of austerity measures

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Spanish protesters marched for a second night in Madrid, calling on Prime Minister Mariano Rajoy to reverse austerity measures as his nine-month-old government prepared its fifth package of budget cuts.

Demonstrators gathered near parliament after clashing with police at the same site yesterday. As Greek police in Athens dispersed protestors with tear gas, Rajoy played down the rally in Madrid, telling a conference in New York that the "immense majority" of Spaniards aren't on the street and his government still has three years to pursue its economic overhaul.

Rajoy risks renewed criticism tomorrow when the Cabinet approves the 2013 budget and presents measures to bolster the shrinking economy. The premier is struggling to persuade European peers, voters and investors that he can tackle the crisis, as Spain's bond yields surge amid rising investor expectations that Rajoy will delay asking for external aid.