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Spain's Austerity Won't Affect Markets: Pro

5:00 AM ET Wed, 11 July 2012

Joe Weisenthal, the deputy editor of Business Insider, commented for CNBC on the announcement of Spain's tax hikes: "In theory, Spain taking these austerity measures is what the markets want to see, but in practice it seems that every time a country has done anything like this they're digging their hole deeper."