NEW : Government announces spending cuts , taxes . The country is considered `` too big to fail , too big to bail '' and the government has been forced into a bailout of its own. Spain faces recession , has fourth-largest economy in eurozone and high joblessness .
NEW : Government announces spending cuts , taxes . The country is considered `` too big to fail , too big to bail '' Thousands of Spaniards have protested in the streets against austerity measures . Spain faces recession , has fourth-largest economy in eurozone and high joblessness .