Major debt faced by Velez-Malaga Council

VELEZ-MALAGA Council has done the maths and the results are not pleasant.
The current local government team, through its Financial Department led by Juan Carlos Marquez, announced on Thursday (July 30) that the total debt left from the former governing team reaches €110 million.
“The former government not only did not reduced the debt, but increased it by 7.2 per cent during the past four years,” claimed Mr Marquez.
Money owed to banks is currently €72.5 million a stark contrast against the €34 million estimated back in 2011. The council owes €1.9 million to the Social Security department and €37.3 million to providers, according to their estimations.
“We have barely any money to allocate for this debt,” he continued. “In terms of transport services, we owe €2.4 million.”

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