The government of the Spanish region of Valencia said Friday it will apply for financial aid from a newly created government fund, as it struggles to refinance maturing debts
“Valencia, like other regions, is suffering the consequences of liquidity restrictions in markets which are a result of the economic crisis,” the region said in a statement
The central government launched the fund last week, and said it would lend out a maximum of 18 billion euros ($22 billion) to regions before the end of the year
In exchange for receiving the emergency funding, regions will have to reduce their budget deficits by more than they had earlier planned
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