Thousands protest deficit cap in Madrid

Several thousand demonstrators from Spain’s “indignant” social protest movement took to the streets Thursday to protest against a constitutional plan aimed at capping budget deficit.

Waving banners, the demonstrators argued that any change in the constitution should be submitted to a referendum and accused Madrid of caving in to French and German demands on the debt crisis.

“Down with the dictatorship of the markets,” “I vote for my own constitution,” read some of the placards carried by the “indignants”, as the thousands of youths who have been demanding jobs and more social justice since May are known.

Several other similar demonstrations have already been staged to oppose the move, which protestors argue could make unemployment worse.

The ruling Socialist and conservative opposition Popular Party have struck a deal on an amendment that would include a budget deficit cap in the country’s constitution.

On August 16, France and Germany had suggested that all 17 eurozone countries adopt laws to balance their budget deficit.

Spain is seeking to slash the public deficit to 6.0 percent of GDP by the end of this year from 9.2 percent in 2010. It aims to reach the EU-target of 3.0 percent by 2013.