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Spain to Block Funds to Town Halls on Supplier Debt

Source: Bloomberg - Fri 6th Jul 2012
Spain to Block Funds to Town Halls on Supplier Debt

Spainīs Budget Ministry will withhold funds to 2,100 town halls that have unpaid bills with suppliers and that havenīt signed up to a repayment plan put in place by the government earlier this year, Cinco Dias reported.

The funds will be withheld for at least five years and that period could be extended until town halls settle their debts and pay all interest due, Cinco Dias said, citing Spainīs official government bulletin.

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