Numerous Spanish Towns Face Bankruptcy

"The Spanish economic implosion continues. Various austerity measure in Europe and rate hikes by ECB president Jean-Claude Trichet will make matters worse. Some town mayors readily admit bankruptcy. Others will follow.

Please consider Spanish towns face funding crisis, rack up debts

In this hillside town, topped by a medieval castle and surrounded by olive groves, the 120 municipal workers haven't been paid since May. Police have new orders not to use their patrol cars unless they get word of a traffic accident or a crime in progress.

The town pool is closed for the summer despite temperatures over 104 (40 Celsius) in the shade. Fees for the public day-care center have doubled. Water bills will soon go up 33 percent and local business owners are seething over €9 million ($12.7 million) in unpaid bills owed by the town hall, much of it to them..."

at  http://globaleconomicanalysis.blogspot.com/2011/08/numerous-spanish-towns-face-bankruptcy.html