Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Central Gov't pay off 1 Bln regional debts, Pharmacies reopen

Sun 2th Dec 2012
Central Gov't pay off 1 Bln regional debts, Pharmacies reopen

The Spanish central government has paid off more than 1.1 billion of regional debts to suppliers, the budget ministry said in a statement Saturday.

As they suffer from a severe liquidity squeeze, Spain's regions are increasingly turning to the central government's Regional Liquidity Fund for help paying their bills. In highly decentralized Spain, the regions account for over one third of all spending.

The budget ministry said this fund has now paid off nearly 50% of the regions' overdue bills. The bulk of the 18 billion fund is being used to pay off the regions' financial debt.

In Valencia this payout has enabled the Generalitat to pay 114 million of the outstanding 450 million debt owed to the region's Phamacies, with a promise of a further 117 million to be paid by the end of January. The Generalitat Valenciana has not paid anything at all to the region's Pharamcies since the start of May, which has prompted strike action throughout Valencia, Alicante and Castellon, which has seen just 1 in 3 Farmacias being open since the start of November.

Whilst not being totally happy with the deal, it has been enough for Pharmacies to agree to resume normal service.

Comment on this Story

 
Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs