The authorities in Spain are planning to announce additional austerity measures as concerns rise over the economic outlook of the country.

Experts believe that the additional measures including higher taxes and pension reforms will help the government build some grounds before approaching the European Central Bank (ECB) for financial aid for recovering from the prolonged crisis.

The Spanish government is facing pressure to take advantage of an ECB bond-buying program that is aimed at keeping the borrowing cost lower for the country. The national government has not shown much interest in the aid due to the strict conditions attached to the aid.

Experts believe that the new measures that will be announced along with a draft 2013 budget will allow the government o seek financial help from the region’s central bank. The announcement comes amid continued violent protests in the Spanish capital city of Madrid and a sharp fall in the stock market. Protests have taken to the streets in Spain to protest the austerity measures and additional plans might rise tensions in the country.

The European stock markets continued to fall amid uncertainty over a bailout for Spain as well as doubts over the ability of the union to take Greece out of the crisis.