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By Jason Moore

WITH all the money that Spain has received from the European Union (about 80 billion euros) and all the revenue from the tourist and construction industries, you would have thought that the government would have put some money away for a rainy day.

At the moment, for the Spanish economy, it is pouring down and there is no money left; cuts are being made to the national budget which will also hit the Balearics. The local government is under pressure to slash their budget and important construction projects have been placed on hold. It is quite amazing that there is no money in the bank. It is has all been spent.

Spain can pride itself on having some of the best roads and railway links in Europe, but you can safely say that the days of spend and spend are over. For years Spain received billions of euros from Brussels and in some ways you can see why the Germans are upset, after having to pay enormous aid packages now they have to pay the bill for the southern European countries which are in deep trouble. Perhaps the latest round of spending cuts will herald a new era of careful housekeeping with the national economy. I sincerely hope so, because no-one wants a repeat of the present financial situation.