The financial state of Spain's autonomous regions...
"Spain’s highly autonomous regions have spent recklessly in recent years — on generous public services and expensive capital projects, some of which look ridiculous in hindsight. Two regions, for instance, have built large airports, though virtually no one uses them.
And the regions’ failure to pay their creditors is now endangering many small enterprises, which are the backbone of the Spanish economy, already suffering from more than 22 percent unemployment, the highest in Europe.
Despite pressure from Madrid to rein in their budgets, many regions failed to meet their budget goals this year — a huge factor in Spain’s failure to meet its targets."