Spain to push more austerity as markets turn sour

MADRID (AP) - The Spanish government is set to unveil more austerity amid mounting concerns over the country's economic future.

Many think the measures, which are expected to include higher taxes and changes to pensions, will be a precursor to a request for help from the European Central Bank (ECB).

Recession-hit Spain has come under pressure to tap an ECB bond-buying program, designed to keep a lid on the country's borrowing costs. So far, the government has been reluctant to ask for help for fear of the conditions attached.

Many investors think the measures, to emerge alongside a draft 2013 budget, will pre-empt those conditions, making it easier for the government to request help.