Tens of thousands rally in Spain against austerity measures

Madrid saw tens of thousands of protestors Saturday against spending cuts and tax hikes.

The rally comes on the heels of an announcement by the country's finance minister, who said that further cuts and wage decreases were about to be enacted, said the Wall Street Journal.

Spain has been wracked with rising unemployment and austerity measures that have seen massive pay cuts for workers in the last year.

The cuts are part of an austerity program in which Spain will receive rescue funds from the European Union in return for reforms.

Saturday's protests saw nearly 70,000 nurses, social service workers and other members of Workers' Commissions and General Workers trade unions and Social Summit, an association of about 150 organizations, said CNN.

Many of the protestors feel that austerity measures have gone too far and that further cuts will sink the country.

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Spain had already announced its austerity program to raise 56 billion euros in July.

The Wall Street Journal reported that many economists believe that despite the severe cuts and tax hikes, Spain will miss the deficit target.

Spain has already received a line of credit of 100 billion euros to bail out its troubled banks.

Bloomberg reported that some union leaders are calling on the government to put the austerity measures to a referendum.

The agency said that Comisiones Obreras General Secretary Ignacio Fernandez Toxo demanded Spain's Prime Minister hold off on cuts before the people had a chance to decide.

“It’s time to give a voice to the people again,” Toxo said during the demonstration.

“With the support of the people we will take this as far as the government wants us to. This doesn’t end here.”