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Madrid is most indebted Ayuntamiento in Spain

Fri 16th Mar 2012
Madrid is most indebted Ayuntamiento in Spain

The Ayuntamiento of Madrid has been named as being the municipality with the highest level of debt in Spain, with 1.035 billion euros in outstanding payments to suppliers.

Of this amount, 920 million euros is owed to private companies, whilst a further 115 million is owed to state-owned companies.

All of Spain's Town Halls were recently required to give a detailed and accurate report on the state of their finances in order to benefit from a loan scheme introduced by the central government. The 35 Billion scheme offers loans to indebted muncipalities over a 10 year period with interest rates fixed at 5% for the first 2 year period.

Meanwhile, Barcelona currently has debts of 1.147 billion, but it will not make use of the government loan, because its debt was not due to cashflow, but by 'technical problems with invoices'.

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