Valencia to Seek More Than 2 Billion Euros in Aid, El Pais Says
The regional government of Valencia will request more than 2 billion euros ($2.43 billion) in aid from the central government to meet debt repayments, El Pais reported, citing Maximo Buch, head of Economy for the region.
The exact amount to be requested will depend on how much other regions ask for from the fund, the newspaper cited Buch as saying yesterday.
Valencia, which has 2,595 billion euros of debt maturing in December, said on July 20 that it would tap a recently created central government fund, the newspaper added.
Spain created the 18 billion-euro bailout mechanism last week to help cash-strapped regions even as its own access to financial markets narrows.
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