STAFF REPORTER

PALMA
THE small-to-medium sized businesses association of Majorca, PIMECO has fallen victim to the credit squeeze and is to make application to the Balearic government for credit on favourable terms to soften the effects of economic hardship.

Having listed a whole range of ways the Balearic authorities can support smaller commercial interests, Pimeco said yesterday that it has chosen its opportune moment to make such a request from the regional ministry for Commerce, Industry and Energy as the government is currently drafting its budgetary commitments for the coming year.

The association has warned its members in an official report that all the economic indicators in the Balearics over the past few months are pointing to evidence that the region is suffering from fall-out of the global credit crunch.