MADRID - Thousands of people demonstrated in major Spanish cities on Thursday evening against the measures of pay cuts and tax hikes passed by the parliament.

A protester holds up a sign, which reads: "Tax objection", during a march against austerity measures in Barcelona July 19, 2012. [Photo/Agencies]

Unions organized more than 80 demonstrations across the country, local media reported.

Prime Minister Mariano Rajoy announced the new measures last week, which aim to save 65 billion euros ($80 billion) in order to cut the public deficit.

The measures were finally approved in the parliament on Thursday.

They include the increase of the value added tax on products including cinema and theater tickets, which Spanish film star Javier Bardem, who joined the protest Thursday, said are ruining Spain's cultural sector.

In efforts to stabilize Spain's public finances, the government also cut unemployment benefits and raised sales tax.

But the economic measures have not helped to reduce pressure on the Spanish stock market.

The risk premium finished the session in the IBEX-35 stock market in Madrid at 579 points, setting a new record at closing time.

The interest rate of the Spanish 10-year bond remained above 7 percent, which is considered unsustainable in the long run.