June 6, 2011

Castilla-La Mancha region on the edge of Bankruptcy

Interesting news from Spain, a new arrival in the larger-by-the-week club of broken states and regions. it appears the situation is deteriorating fast in Spain since one of the major regions Castilla-La Mancha is unable to pay employees and debtors starting next month.
The Regional Secretary of the PP Vicente Tirado has described the situation as one of total bankruptcy.
The Junta de Comunidad de Castilla-La Mancha has more than 2000 million euros in unpaid invoices and 7000 million euros of debt, this situation is not only causing the impossibility to pay over 70,000 employees starting from next month but it is also bringing to ruin many small and medium enterprises in the region.
They are trying to scramble an emergency package of measures including privatization of the public television.

Those who can read Spanish may wish to consider reading the following article: El PP asegura que no hay dinero para pagar nóminas en Castilla-La Mancha

No comments: