MADRID -- Spain's king and crown prince are to take a pay cut as part of the latest round of austerity measures meted out by the country's government as it attempts to control its deficit during a recession.King Juan Carlos and Crown Prince Felipe are cutting their yearly salaries by about 7 percent – to about (EURO)272,000 ($334,043.20) and (EURO)131,000 ($160,881.10) respectively – in line with the new austerity package, the Royal Palace said.