Thousands of people marched in Spain’s capital of Madrid on Wednesday after the government unveiled a new round of spending cuts and tax hikes to obtain a rescue of the country’s banks. Speaking to lawmakers, Spanish Prime Minister Mariano Rajoy said the $80 billion austerity measures were demanded by the European Union as a condition for an emergency bailout of Spain’s banks.

Prime Minister Mariano Rajoy: “With the inevitable fiscal adjustment, we must take on the structural reforms our economy needs to recover its competitiveness and flexibility to generate growth and jobs. The package I present in this chamber is balanced, which combines spending cuts with the initiatives for earnings, following the recommendations of the European Council.”