EUR/USD lifted to 1.2660 at writing.

Also:

  • To cut civil service salaries 5% in 2010, freeze in 2011
  • Regional governments to cut 1.2 bln euros
  • To eliminate birth payments of 2.5 bln euros
  • To cut index-linked pension rise in 2011
  • Cuts to save additional 15 bln euros in 2010, 2011
  • Spanish cabinet to vote on cuts and 2011 budget spending on Friday