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Realistbear

Spanish Councils Can No Longer Pay Their Bills

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7888637/Spain-relying-on-short-term-funding-as-councils-go-bust.html

Spain 'relying on short-term funding' as councils go bust
A third of Spain's city councils are in dire straits and may be forced to suspend payments by the end of the year, replicating the woes in the US, where many states are bearing the brunt of fiscal tightening.
By Ambrose Evans-Pritchard, International Business Editor
Published: 9:59PM BST 13 Jul 2010
36 Comments
Spanish workers on strike - Spain 'relying on short-term funding' as councils go bust Photo: REUTERS
The great majority of councils in Andalucia are already in deep crisis – either insolvent or muddling through from day to day. More than 400 of the 8,000 councils across the country have stopped paying electricity, water and telephone bills, according to Spanish newspaper El Economista.
"I am deeply ashamed to know that I won't be able to pay our staff. They have got mortgages, children. What am I supposed to do?" said Jesus

This should give added confidence for the SMs and the Euro. It does seem to be contained though--just like Portugal.

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7888637/Spain-relying-on-short-term-funding-as-councils-go-bust.html

Spain 'relying on short-term funding' as councils go bust
A third of Spain's city councils are in dire straits and may be forced to suspend payments by the end of the year, replicating the woes in the US, where many states are bearing the brunt of fiscal tightening.
By Ambrose Evans-Pritchard, International Business Editor
Published: 9:59PM BST 13 Jul 2010
36 Comments
Spanish workers on strike - Spain 'relying on short-term funding' as councils go bust Photo: REUTERS
The great majority of councils in Andalucia are already in deep crisis – either insolvent or muddling through from day to day. More than 400 of the 8,000 councils across the country have stopped paying electricity, water and telephone bills, according to Spanish newspaper El Economista.
"I am deeply ashamed to know that I won't be able to pay our staff. They have got mortgages, children. What am I supposed to do?" said Jesus

This should give added confidence for the SMs and the Euro. It does seem to be contained though--just like Portugal.

Jesus? Pay them in fish, and bread.

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If I remember correctly it wasn't that may years ago some Hungarian councils ran out of money, the solution was to pay some of the staff in pickled cucumbers.

Spains lucky they have olives, worth much more.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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