LIVE: Spain Unveils Its Controversial 2013 Budget

The Spanish government is set to unveil its highly controversial 2013 budget at 8:00 AM.
The budget proposals, which seeks further spending cuts to pave the way for a future troika bailout, have been met with anger in the streets by Spanish protesters.
Spain's most important economic region, Catalonia, is also furious with austerity and is threatening to secede from the country.
Rajoy told the Wall Street Journal that the cuts will focus on restricting early retirement and the budget will also "include the creation of an independent agency to monitor compliance with budget targets, new job-training programs and legislation to sweep away many onerous government regulations."
According to Bloomberg, Rajoy is seeking $23 billion in spending cuts in the 2013 budget.
JPMorgan analyst Jaime Becerril thinks the cuts are likely to fall hard on Spain's regions because "Spanish regions revealed an accumulated budget deficit of 2.9% in 2011, driving the main deviation for the country's overall budget deficit, finishing with 8.5% vs an initial 6% target."
We will be covering the announcement here live at 8:00 AM ET >
MORE: When Spain unveils its new budget, you'll understand why the Catalan separatist movement is so explosive >
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