Sunday, October 7, 2012

Spanish infrastructure investment fact of the day

There is the Opera House, a cross between the one in Sydney and something you would imagine only in your more disturbed dreams - 400 million euros to build, 40 million a year to run - 15 performances a year.
The BBC has a nice story of how the legacy of massive and wasteful investments during the boom years, financed by debt and buoyant property taxes, by Spanish provinces, in this case Valencia,now haunts them. See also this

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