Valencia Community heavily in debt

The economic crisis and urgent financial matters last year resulted in a worsening of the deficit for the Valencian Community that ended the year in the red to the tune of 598 million Euros, according to information released by the Conselleria for Finance.  

Two important areas were marked in financial circles during the last year: term debt increased by 483.1 million Euros that overall ended 2008 being at over six billion Euros.

The report also revealed that one of the largest sources of income for the Valencian Government - taxes and IVA - dropped during 2008 by 44%, that in reality meant that almost a billion Euros less was received from these two sources of income.

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