Regional government debt and the hispabonos debate: Consideration for an improved regional financing model
Fecha: mayo 2012
Autores: Johanna M. Prieto, César Cantalapiedra, AFI
Etiquetas: Financiación de las comunidades autónomas, Endeudamiento autonómico
Spanish and International Economic & Financial Otlook, SEFO, V. 1 N.º 1
Acute credit restrictions and international investors’ growing mistrust of Spanish risk is making it nearly impossible for the regions to meet their financing needs based on traditional fund raising models. In response to these concerns, this article analyses the state of regional debt markets in 2011 and the need for alternative solutions. Consideration is given to a range of options for greater Treasury intervention, including the hispabonos debate, or the creation of a specialized vehicle for regional and local government funding to improve the regions’ ability to finance themselves and meet debt service and other budgetary obligations.