Eurozone News - 12/30/11

The new Spanish government of Mariano Rajoy approves a €8.9B austerity package of tax hikes, spending cuts, and wage and pension freezes. Also announced is the 2011 deficit, coming in at 8% of GDP against expectations of 6%

Banks borrowed €17.307B from the ECB overnight, a very sharp jump from the €4.321B borrowed on Wednesday and the highest level since February. Banks deposited €445.683B, still near the €452.034B record set earlier this week.

On the hour: S&P -0.03%. 10-yr +0.14%. Euro -0.09% vs. dollar. Crude -0.71% to $98.94. Gold +1.62% to $1565.85

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