The Spanish Premier, Mariano Rajoy, said that the economy is on the verge of crisis while the government struggles to fight rising costs of borrowing, where the fourth-largest economy in the euro zone is to adopt the deepest round of austerity in three decades in order to bring the deficit by a third.

The average yields on Spanish bonds are trading now around the levels that forced Greece, Ireland and Portugal to seek bailouts from the European Union; however, the nation attempts to avoid falling behind by adopting austerity. The Prime Minister will address lawmakers at 1 P.M. in Madrid, explaining the deep austerity adopted.