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Valencia ups bailout request from Spain government | Valencia ups bailout request from Spain government |
(about 20 hours later) | |
Valencia has said it will need a bigger bailout from Spain's central government than it previously expected. | |
The region will ask for 4.5bn euros (£3.6bn; $5.6bn), more than had been suggested when it first made the plea earlier this summer, a spokeswoman confirmed. | The region will ask for 4.5bn euros (£3.6bn; $5.6bn), more than had been suggested when it first made the plea earlier this summer, a spokeswoman confirmed. |
This week, debt-ridden Catalonia also asked for a bailout of 5bn euros. | This week, debt-ridden Catalonia also asked for a bailout of 5bn euros. |
A 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. | A 18bn-euro public fund was set up by Madrid to aid its 17 autonomous regions, which are in deep debt. |
Valencia, along with Murcia, had already indicated in July that it would need help. | Valencia, along with Murcia, had already indicated in July that it would need help. |
The area has become symbolic for its so-called white elephant projects, absorbing large amounts of government spending. For example, Castellon Airport, which cost billions, has yet to have a flight take off or land. | The area has become symbolic for its so-called white elephant projects, absorbing large amounts of government spending. For example, Castellon Airport, which cost billions, has yet to have a flight take off or land. |
As a nation, Spain's struggling economy has declined for three consecutive quarters, as it continues to suffer from the effects of its property bust caused by the financial crisis. | As a nation, Spain's struggling economy has declined for three consecutive quarters, as it continues to suffer from the effects of its property bust caused by the financial crisis. |
In June, Spain requested 100bn euros of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. | In June, Spain requested 100bn euros of loans from the eurozone's bailout fund to help support its banks, which are struggling with bad debts from loans made in the property sector. |
Speculation has persisted that the country will have to request a full financial rescue. | Speculation has persisted that the country will have to request a full financial rescue. |
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