Spain agrees ‘grand social pact’ for economy overhaul

Government, labour unions and business groups in Spain have struck a “grand social pact” to allow for an overhaul to boost the economy. The agreement was widely expected after the three agreed on Friday to raise the compulsory retirement age from 65 to 67, one of the highest in Europe. It is expected that some changes will be announced this week. Standard & Poor’s welcomed the move to reforms but said Spain’s sovereign debt rating remained under pressure. The country is struggling to revive its economy, the fifth-largest in the EU, and avoid an international bail-out like those in Greece and the Irish Republic. Its jobless rate is just about 20% at a time the eurozone average is 10%.


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