Unity in Madrid
NZPA-Reuter Madrid The Spanish Prime Minister (Mr Adolfo Suarez) and Opposition leaders have signed an economic agreement introducing wage restraints to curb inflation. The agreement, negotiated last week-end, fixes a 22 per cent ceiling on pay rises in 1978, but permits a review should the consumer price index rise by more than 25 per cent. Inflation is now running at 30 per cent a year, provoking labour unrest and rocking Spain’s passage from dictatorship to democracy. Companies that receive State subsidies will have these withdrawn if they break the wage restraint. Other firms which are forced by trade unions into paying wage increases of more than 22 per cent will be allowed to lay Off five per cent of their workers.
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Press, 27 October 1977, Page 8
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124Unity in Madrid Press, 27 October 1977, Page 8
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