Cadiz port area must pay back 80% of all EU cash after it couldn’t tell Brussels where the money went

The “zona franca” of Cadiz, the huge port and logistic area which acts as the main import/export area for Southern Spain, must pay back 80% of all EU money received over the last few years as it cannot account for how it was all spent.

The Zona Franca management has admitted to the EU that the money appears to have been spent on vanity projects, wages, financing its outstanding debt with the banks (currently 150 million euros), utility bills and otherwise just fizzled away. The money was supposed to have been spent for certain projects that never got completed, or even started. Brussels has now, according to a statement issued by Jorge Ramos (the current director [P.P.]) demanded the cash back.

Nobody seems to know how much cash the Zona Franca de Cadiz must now pay back to Brussels, but seeing as to how it’s currently 150 million euros in the red with the banks, can’t afford to pay salaries or even its electric bill, I suspect Brussels may be waiting a while for the cheque.

Facebooktwittermail

Leave a Reply

Your email address will not be published. Required fields are marked *

*