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Regional Debts Hit 50 Billion Euros

Source: El Pais - Mon 15th Aug 2011

The Amount owed by the Regions has now reached 50-billion-euros, 5% GDP and four times more than two years ago, according to a report in today's El Pais Newspaper.

The government of Castilla-La Mancha in particular has failed to pay the region's pharmacies over the last two months, which has led to a number of stores closing in protest last week, which has caused a clash between the PP - who inherited the debt problems when they were elected into office in May - and the pharmacies.

The debts are hitting building and construction companies who have been working on public projects the hardest - being owed a combined 15 Billion.

Pharmacies as a whole are owed 383 million euros in Castilla-La Mancha, Murcia, La Rioja and the Balearics, are refusing to allow the regions to get away with non-payment of their debts, which resulted in the closure of 700 Pharmacies in Castilla-la-Mancha last Thursday.

Town Halls are the worst offenders for late payment of debts - taking an average of 238 days to pay up - more than three the credit extended to Businesses by Banks (75 days), according to the Platform against Late Payments.

El Pais concludes that Central government takes an average of 140 days to pay and the regions 155 days.

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