Sunday, 07 June 2020


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The era of insolvency: The Spanish cities that may repeat the fate of Detroit

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It is almost impossible to find in Spain a corner that does not suffer the deep financial crisis, but there are communities and cities that are most threatened by the crisis. Madrid, Jerez, León, Ceuta and Barbate are on this list. Detroit recently became the largest city in U.S. history that went bankrupt. Detroit does not pay their debts because they not can. Some Spanish cities are in a similar situation. Although none have been officially declared bankrupt, can be considered to face a technical bankruptcy. Data from the Ministry of Finance of Spain, revealed last month, said that more than 500 municipalities have serious problems with public debts. The edition 'theOfficial', in turn, revealed most indebted municipalities with little hope of recovery. To do so was considered the total debt per capita, the delay in payment to suppliers or the accumulated debt to Social Security. It turned out that the most indebted municipalities are Jerez, Madrid, Ceuta, Leon and Barbate. Jerez in the Cadiz provinica, with a debt of 526 million euros was forced to cut nearly all public services. It is also the city where most occurred RER (Record of employment regulation) or ERE in Spanish, of more than 390 employees. The Spanish capital has a debt amounting to more than 7.429 million euros, so that Madrid is the most indebted. The per capita debt comes here to 2,297 euros. The per capita debt of the autonomous city of Ceuta reaches 3,208 euros, while the total amount of its debt is 269 million euros. The city of León in the autonomous community of Castile and Leon, has an official debt at the rate of € 248 million, although officials raise this figure to 437 million euros. In March the Mayoralty from Leon confessed that it is in "technical bankruptcy ". The municipality of Barbate, Cadiz province, appears on the list of cities nearly bankrupt by large debts. The City Council has never paid Social Security for their workers. [caption id="" align="alignnone" width="630"]Viajart Andorra / Viajart Andorra[/caption]   Desde
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