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- Daily brief -Monday 23 January 2017
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
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- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
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
- Rising oil prices threaten Spain’s economic growth model
- Spanish bank count 3 billion euro cost of mortgage refunds
- Almost 500 people arrested in Spain for animal abuse in 2016: new report
- Spain's Sabadell sees up to 490-mln-euro hit from mortgage floor contacts
- Spanish hotel boss warns sector is feeling first effects of Brexit
- Two weeks into 2017, Mediterranean migrant deaths rise on last year
- Spanish court jails 4 ex-bankers for misappropriation
- Brussels sees Spain's 2017 budget broadly in line with EU rules
- Government, opposition reach deal on “floor clause” refunds for mortgage holders
- EU tells Spain to brace for cuts due to likely 2017 deficit target miss