Special Report: Global Financial Crisis

    MADRID, Nov. 27 (Xinhua) -- Spainish Prime Minister Jose Luis Rodriguez Zapatero announced Thursday the approval of 11 billion euros (14 billion U.S. dollars) for programs to combat the current financial crisis.

    Zapatero said that 80 percent of the money will be used in public investment.

    A total of 300,000 jobs will be created through 2009, and the auto industry will get a financed integral plan of 800 million euros (about 1 billion dollars) to avoid job losses, he said.

    Part of the credit will be used in environmental and tourism programs as well as to rehabilitate houses and barracks of the Civil Guard and police stations.

    With this stimulus package, the Spanish government will try to promote a fiscal reduction, create direct employments, support the financial system and modernize the production model.

    The European Union (EU) has just announced on Wednesday a significant economic stimulus package worth 200 billion euros (260billion dollars) in a bid to steer the European Union (EU) economy from a deep recession. It has requested the governments of its member countries for bigger public expenditure and more effective control of the financial systems.