Sun, Jul 22, 2012 - Page 13 News List

Valencia’s financial woes spook market

BIG SHORTFALL:With Spain’s regions currently shut out of international debt markets, Valencia is seeking government help to repay 2.85 billion euros by the end of the year

Reuters, MADRID

Several Spanish regions — some of them governed by the ruling People’s Party — have rebelled against the latest cuts.

Catalonia, the Basques and Andalucia have also said they would not implement all the cuts because it would end up killing the public education and health systems they control.

Analysts believe most of the autonomous regions will miss their deficit target of 1.5 percent of economic output this year.

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