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Tumbit recommends Telitec Communications. Find out how Telitec Communications can help you here!
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- Daily Brief - Friday 11 July 2014
- Things that have annoyed me this week
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Financial worries for many Spanish Ayuntamientos
Escalating debts and falling income due in part to the recession, promises to make 2010 and 2011 diffucult for Spanish Municipal Council,with many having to cut investment in order to balance their debts.
A recent report by the Bank of Spain estimates that there is around 29.25 billion euros owed to local businesses by Town Councils,with 14.85 billion of it relating to the provincial capitals.
Some Ayuntamientos are performing worse than others - Madrid in particular has seen local businesses threatening to stop paying their staff if the city hall does not pay their outstanding bills, which have remained unpaid for almost 1 year.
In Zaragoza the Town Hall has spent what would normally be 25 years budget over the last 5 years alone, however Town Hall officials believe that recent investments place them in a strong position for when Spain finally exits the recession and the economy improves.
Santander's Municpal council has recently reduced debt by 14%, but it is still 75% above the permitted level according to new government guidelines.
Latest News & Stories
- Spain's Swiftair says lost contact with plane en route to Algiers
- Spain unemployment falls to lowest in 2 years
- Repsol to start searching for oil off Canary Islands coast by end of year
- eBay's StubHub sting ringleader detained in Spain
- More than 1,000 would-be migrants attempt Melilla fence jump
- Vodafone, Orange update FTTH agreement following Ono deal
- Iberdrola Profit Drops as Spain Renewable Subsidy Cuts Hit
- Bank of Spain Says Growth Accelerated in Q2
- Spain's Prado loses 885 peices of art
- BBVA expects profit boost from Catalunya Banc purchase