Local public debt doubles in Alicante province

Local public debt doubles in Alicante province
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By h.b. - Mar 8, 2010 - 7:37 AM

Bank of Spain - EFE

The Bank of Spain says that the local debt is now 1.33 billion Euro

The Town Halls in Alicante province and the provincial Diputación government have seen their debts double in the past five years.
Hard hit with the collapse of the construction in the region the local pubic debt is now at a record level at 1.33 billion €.

The number comes from the Bank of Spain which shows that iver 2009 the amount of credit awarded by banks and savings banks to local corporations in the province rose by 30% as income from new housing fell to almost zero.

An example of this is Torrevieja where the Town Hall has been forced to introduce spending cuts to the tune of nearly 11 million €.

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