Endesa has cut off the electric supply to a number of Galasa offices after the company failed to settle over a million and a half euros in unpaid electric bills. The main offices in Vera are currently working with a generator installed on the roof. There are fears that water supplies will be hit across the region if electricity is cut off to pumping stations. Currently only offices have been affected. The public owned company Continue reading Galasa has electric cut off as it can’t afford to pay the bill
It’s not a factor many people think of when buying a house in the area, but the level of debt carried by your townhall will have a strong effect upon the future of your new home. Anyway, the list of longterm debt carried by each town in the province as of 31st December 2014 has just been published. Here’s the full list: 1. Alhabia… Total longterm debt (thousands of euros): 2.948.. Residents: 681.. Amount of Continue reading How much debt does your townhall have?
The Supreme Court of Spain today ruled that non mortgage overdraft and non-payment fees from banks can be more than 2% above the base rate. The ruling came after a test case by Santander bank (which it has now lost) and is based on EU rules. The sentence rules that in personal loans, which are not mortgages, taken out by private individuals, defaulting fees that are more than 2% above the base rate are abusive Continue reading Overdraft fees can’t be above 2% rules Supreme Court
Turre, which is one of Spain’s top 100 most in debt towns, has built a sort of milkbottle at the entrance to the village and cleaned / repaired the main fountain. This has cost the taxpayer about €110,000, which seems a tad excessive. €52394.05 for the fountain in the main square, €42807.60 for the tower and Turre sign, and €12724.32 on the streetlamp to illuminate it. I imagine most of the €42807.60 went on the Continue reading Turre spent €110k on fixing a fountain and building a concrete milk bottle
The father, aunt and grandmother of Queen Letizia of Spain are looking at jail time after being accused of hiding assets during a bankruptcy proceeding. Jesús Ortiz Álvarez, Henar Ortiz Álvarez & María del Carmen Álvarez del Valle all owned a cooperative called ‘Henarmonía, S.C.’. This company was driven into bankruptcy in 2009 after one Sandra María, owed 22.600,73€, took legal proceedings to recover her money. Anyway, the three declared bankruptcy to avoid paying the Continue reading Queen of Spain’s family face debtors prison as they go bankruptcy over a 22,600€ debt
European leaders are poised to announce a 750 billion euro deal to bailout beleaguered Spain and Italy by buying the countries’ debts. Pan-European Government funds are set to be used to buy Spanish and Italian bonds, which have recently hit record highs – in a move which will send a strong signal to financial markets that the German administration is prepared to back its weaker economic neighbours. Angela Merkel and other European leaders have come Continue reading EU leaders set to announce €750bn Spain and Italy bailout deal – Telegraph
…or businesswoman, of course. I mentioned a few days ago that the Almeria chamber of commerce has filed a complaint with the public prosecutor about its members not being paid by townhalls. It estimated that at least 3,000 jobs in Almería alone have been destroyed over the last three years due to companies going bust because of outstanding debts with townhalls. Madrid has announced that the ICO, the official state credit union, will have a Continue reading Government gets serious about paying the little businessman