Spanish government tackles economic downturn

Spain's government has revealed that it is to take steps to ease the impact of the current economic downturn.

The European country has been among those affected by the global credit crunch, a development which has hit sectors such as the housing market.

As a result, the government has confirmed that it will implement various measures to improve the current situation, reports AFP.

For example, it intends to inject more cash into the banking system in order to help people obtain mortgages, while inheritance tax is to be scrapped.

Commenting on the move, the economy ministry said: "The government wants to send a message of confidence to the people."

The department added that the government is hopeful that Spain will resolve the current crisis and emerge in a stronger position.

According to the Association of International Property Professionals, the country is currently the most popular location among property buyers from the UK.

Spain was said to account for more than a quarter of all overseas purchases last year.

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