DESPITE pay freezes and redundancies hitting the country hard, top managerial salaries have increased by 12 per cent in Spain.

Executives in the country’s highest-paid businesses – including Telefonica, BBVA and Santander – are now earning an average of 2.3 million euros more a year.

Santander bosses earn an eye watering 3.7m euros each, while Telefonica’s receive 2.4m euros.

The highest paid director was chairman of holiday bookings firm Amadeus, who scooped a 10 million euro bonus in addition to his normal salary.

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