Economy a drag on Spain's National Day parade

Spanish Alpine Hunters parade during the Spanish National day military parade in Madrid on Oct. 12, 2012. DOMINIQUE FAGET/Getty

It was the economy, not the rain, that put a damper on Spain's annual National Day observances this year.

King Juan Carlos II presided over a scaled back version of the Madrid military parade that lacked the jets and tanks of previous marches. According to the Associated Press, the parade consisted of 2,600 marching soldiers, 50 armored cars and seven trainer aircraft normally used for displays.

The parade was followed by a reception at the palace attended by the king, Queen Sofia and Crown Prince Felipe and Princess Letizia.

Spain is under increasing pressure from the European Union to fix its troubled economy. With falling tax revenues and unemployment hovering at 25 percent, the country has said it will cut its 212 deficit by 6.3 percent of its gross domestic product. The cuts are felt all over the country, even in the palace.

Elsewhere in the country, Spaniards took to the streets with flags to protests come of the cuts.

  • CBS News Staff

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