Saturday, September 01, 2012

California, Catalonia, Whatever

Catalonia on Wednesday urged the central government to activate the Regional Liquidity Fund (FLR) as soon as possible and disburse the 5.023-billion loan it has requested in order to prevent the collapse of its treasury operations. 
Francesc Homs, the spokesman for the Generalitat, as the Catalan government is known, warned that the region faced "major liquidity problems" if it did not receive the funds soon...  
Catalonia insists that the 5.023 billion euros it is seeking is only to cover debt maturities falling this year, which amount to 5.775 billion euros, including 2.639 billion owed to retail investors. The amount asked for does not resolve money owed to suppliers. The region suspended payment of bills for education and health services in July.
Emphasis mine. Catalonia is the northeastern region of Spain, encompassing four provinces and including the major city of Barcelona. It's Spain's wealthiest region. It can't pay its bills any more and is about to begin defaulting on loans.

If only they'd had Code Pink protesters screaming about conservatives' war on women and newsmen joking about those same conservatives partying while blacks die, none of this would have happened!

It's not a bailout, no sir.

Meanwhile, Illinois' bonds have been downgraded. Again. Don't worry, though. Thoroughly Democrat Illinois is in no danger of following Catalonia down that road.
MURPHYSBORO -- Illinois Comptroller Judy Baar Topinka is reaching out to not-for-profit groups that are waiting for late state payments. Right now, the state owes various vendors $8 billion in overdue bills. Topinka says she'll prioritize payments to make sure not-for-profits are not put in jeopardy.
Thank goodness I live in California where the ruling progressives have followed sound and stable fiscal policies.

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