- Business
- Childbirth & Education
- Legal Formalities
- Motoring
- Other
- Pensions & Benefits
- Property & Accommodation
- Taxes
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
Valencia is apparently the most indebted of all of the Spanish regions, with debt currently standing at around €20 Billion.
Just this morning it was announced that, between them, Valencia and Andalucia owed Pharamceutical companies some €6 Billion in unpaid debt going back as far as 2 years.
At the end of last month Moody’s credit ratings agency downgraded the region from BA1 to BA3, showing plummeting confidence in the finances of the Autonomous Community.
By comparison, the UK has a credit rating of AAA and Spain as a whole has a rating of A1, with a negative outlook.
The Countries of Angola and Bangladesh have the same credit rating as Valencia.
Barely three weeks ago the region had to turn to the central government for help at the 11th hour to prevent them from defaulting on a loan of €123 Million to Deutsche Bank. Repayment of the loan was already 1 month overdue.
The so-called ‘Patriot Bonds’ issued by the regional government, where residents could purchase ‘Debt’ for a yield, was only 58% subscribed, showing how even loyal and proud Valencians were struggling to have confidence in the finances of their own region.
So you can imagine that the loan from central government probably came with a list of conditions attached – notably demands that the region introduced stringent measures to reduce public spending with immediate effect.
So perhaps it was no coincidence that my daughter was sent home with a letter last week advising that the school was having great difficulties as its already tight budget had been slashed. It didn’t make any grim announcements as such, but certainly paved the way for ‘bad news’ re: cuts in the coming weeks.
Aside from the teaching staff having their hours increased and salaries cut, rumours around the playground were mentioning heaters being turned off, classes being amalgamated, a total ban on non-essential services - such as photocopying etc... And an immediate end to all plans for any future school trips. There were also whispers of the other schools in the valley having a temporary closure, and being moved to the larger school as a measure to pool resources and save money.
Loathe as I am to listen to, or worry about rumours, I do know that this had indeed been happening elsewhere in the region, so it is a distinct possibility that it wasn’t just posturing by the school authorities – it could still happen !
- Calendar Girls
- Charging for School Dinners : Whose Fault ?
- 39 Weeks pregnant : Still no name
- Further Adventures in ValenciSpanglish
- 12 Months Pregnant
- Pregnancy in Spain : State Healthcare v Private
- Hey Teacher, leave those kids alone
- Dancing on Newspaper
- A letter home from school
- Plan Renove : Discounts for your domestic appliances
- Claiming Child Benefits
- Registration of a Child Born in Spain in the UK
- Registering your child for state education in Spain
- Applying For a Student Exchange Program in Spain
- Having A Baby in Spain
- The 'EHIC' Card Explained
- Cosmetic Surgery in Spain
- Homeschooling in Spain
- Further Education in Spain
- Applying for a Student Visa
- Medical Emergencies & Pharmacies
- Tips to get the best from a Study Abroad Language Course
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
- Thinking of Buying In Spain ? :Then Take The Safe Purchase Test !
- Are You Paying Too Much For Your Telephone Line Rental ?
- Spain's new UK mobile phone service
- Our most popular Funeral Plan FAQ's
- Why Plan your Funeral now ?