Andalucia requests €1 billion bailout

LAST UPDATED: 4 Sep, 2012 @ 16:44
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Andalucia requests €1 billion bailout

ANDALUCIA has requested a €1 billion loan from central government as it continues to fight mounting debt.

The region – which accounts for around 15% of Spain’s gross domestic product – is the fourth to seek emergency funding, following Valencia, Cataluna and Murcia.

Regional finance chiefs say the money will be used to pay bills in the short-term while a formal request for a state bailout is considered.

Officials in Madrid set up an €18 billion fund in July to help the regions meet debt payments, with Cataluna having requested around €5 billion and Valencia €4.5 billion.

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  1. Cut all: government spending,INCLUDING: compensation to politicians, civil servants, consultants to Gov’t, Royal Family costs, aid to Foreign Countries… etc. by 20% NOW!
    If persons do not agree, they can resign immediately, and those positions will be filled by the unemployed at FAR lower cost… gladly!

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