Balearics to get an extra 500 million euros of state funding

PALMA
AFTER months of negotiations with central government, it appears that the Balearics is going to receive an extra 500 million euros in state funding under the new regional financing scheme being introduced by Madrid.

Balearic President Francesc Antich said yesterday that the figure is going to be “closer” to 500 million euros, not 400 as initially feared.
Antich made the statement yesterday after signing the new Employment Pact which is going to involve 307 million euros being ploughed into policies to improve the region's economic model and help workers and companies which have been hit by the credit crunch. Antich said that when he and his coalition government came to power two years ago, the Balearics received 180 million euros per year in state funding.