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How Valencia reflects Spain’s economic crisis

Posted by Admin on May 19, 2012

http://in.finance.yahoo.com/photos/recession-in-spain-seen-through-pictures-slideshow/to-match-feature-spain-valencia–photo-1336628003.html

To match Feature SPAIN-VALENCIA/
A view of the City of Arts and Sciences, by architect Santiago Calatrava, is pictured in Valencia. The complex’s cost escalated from an initial 625 million euros ($808.93m) up to 1280 million euros, according to local media. ( REUTERS/Heino Kalis)
A panoramic view of the City of Arts and Sciences, by architect Santiago Calatrava, is seen in Valencia
Once the beacon of Spain’s new economic grandeur, the Mediterranean region of Valencia has become a symbol of all that is wrong with the country. (REUTERS/Heino Kalis)
The Palace of Arts Reina Sofia at the City of Arts and Ciences is pictured in Valencia is pictured in Valencia
The Palace of Arts Reina Sofia at the City of Arts and Sciences, by architect Santiago Calatrava. The palace’s cost escalated up to around 380 million euros, according to local media. (Heino Kalis/ Reuters)
A pedestrian walks past the Agora building and the Azud D'or bridge at the City of Arts and Sciences, designed by architect Calatrava, in Valencia
Agora building and the Azud D’or bridge at the City of Arts and Sciences.The cost of both structures escalated up to 150 million euros, according local media. (REUTERS/Heino Kalis)
A view of the City of Arts and Sciences, by architect Santiago Calatrava, is pictured in Valencia
A view of the City of Arts and Sciences. Years of free spending, coupled with a hangover from a burst real estate bubble and the collapse of local banks, have put Valencia on the brink of being bailed out by the central government – which has huge budget problems of its own. (REUTERS/Heino Kalis)
The Agora building at the City of Arts and Ciences is pictured in Valencia
The Agora building at the City of Arts and Sciences. The building’s cost escalated up to 86 million euros, according to local media. (REUTERS/Heino Kalis)
A view of the University and Polytechnic Hospital La Fe is seen in Valencia
A view of the University and Polytechnic Hospital La Fe is seen in Valencia April 25, 2012. The complex’s cost escalated up to 300 million euros. (REUTERS/Heino Kalis)
A building of the Universidad Politecnica de Valencia is seen in Valencia
A building of the Universidad Politecnica de Valencia is seen in Valencia April 25, 2012. (REUTERS/Heino Kalis)
To match Feature SPAIN-VALENCIA/
The control tower of the Costa Azahar airport is seen, one year after its official inauguration, near Castellon, in this April 24, 2012 file photo. The airport, whose cost escalated up to around 150 million euros, remains inactive due to construction failures, lack of permits and insufficient commercial interest from international airlines, according to local media. (REUTERS/Heino Kalis/Files)
Apartments for sale are seen, beside an unfinished block, in Valencia
Apartments for sale are seen, beside an unfinished block (back), in Valencia. The building sector’s implosion has forced into the open allegations that corrupt Valencian politicians, developers and bankers were in cahoots during a decade of easy money at low interest rates after Spain joined the euro in 1999. (REUTERS/Heino Kalis)
Demonstrators Protest European Central Bank Meeting
Thousands of Spaniards are protesting against austerity measures that politicians have proposed to ease the country’s economic crisis. (Left) A woman passes as police officers stand guard at Paseo de Gracia in the city centre as the European Central Bank (ECB) meeting is held at the Hotel Arts on May 3, 2012 in Barcelona, Spain. (Photo by Jasper Juinen/Getty Images).
A man rides his bicycle between policemen in riot gear who are guarding the venue of a meeting of the ECB in Barcelona
Click on Next to see images of daily life in Spain and public demonstrations across the country over the past year, protesting against the government’s spending cuts, labour market reforms, recession and overall economic crisis. (Image: Reuters)
People wait at a bus stop in front of an Asian shop after shopping in Malaga
People wait at a bus stop in front of an Asian shop after shopping in downtown Malaga, southern Spain May 4, 2012. The euro zone economy worsened markedly in April, according to business surveys. (REUTERS/Jon Nazca)
Homeless man walks at the financial district in Madrid
A homeless man walks at the financial district in Madrid April 19, 2012. France and Spain sold all the bonds they wanted at auction, though for Spain the cost was rising yields, indicating growing concerns the government will not be able to tame its deficit. After a brief respite fuelled by a trillion euros of cash the European Central Bank (ECB) lent Europe’s banks in December and February, markets are becoming nervous again about euro zone debt loads, with fears that Spain might follow Greece, Ireland and Portugal in needing a bailout from international lenders. (REUTERS/Andrea Comas)
Daily Life In Madrid Ahead Of General Elections
An unemployed man, Enrique, writes poems in return for a cash handout on the eve of the Spanish general elections on November 19, 2011 in the center of Madrid, Spain. (Photo by Jasper Juinen/Getty Images)
Demonstrations Against Eurozone Leaders' Agreed Pact For The Euro
Thousand of ‘indignants’ hold banners and shout slogans against the Euro zone leaders’s agreed ‘Pact For The Euro’ on June 19, 2011 in Barcelona, Spain. Thousands of Spaniards joined marches across Spain to protest against how the country’s economic crisis is being handled and the so-called “Euro Pact”, aimed at increasing the bloc’s competitiveness and economic stability. (Photo by David Ramos/Getty Images)
Economic Crisis In Spain Worsens As A General Election Looms
People queue up outside the Ave Maria charity food centre on November 9, 2011 in Madrid, Spain. Poor people and homeless are given a free breakfast at the centre run by the Fundacion Real Congregacion de Esclavos del Dulce Nombre de Maria. (Photo by Denis Doyle/Getty Images)
A protester, wearing an anonymous mask, protests after being prevented by police from gathering in Puerta del Sol square on August 2, 2011 in Madrid, Spain. The indignants were protesting high levels of unemployment, the austerity measures and what they consider a stagnant and corrupt political system. (Photo by Denis Doyle/Getty Images)
General Strike Hits Spain
A demonstrators sets fire to a barricade during rioting as a 24-hour strike is called, on March 29, 2012 in Barcelona, Spain. Spanish workers staged a general strike to protest the government’s latest labour reforms, which are designed to help Spain lower its deficit within EU limits. (Photo by David Ramos/Getty Images)
General Strike Hits Spain
Riot police walk past burning garbage containers during heavy clashes with demonstrators during a 24-hour strike on March 29, 2012 in Barcelona, Spain. (Photo by David Ramos/Getty Images)
Spanish Unions Protests Planned Government Cutbacks
People attend a demonstration organized by Unions against the financial cuts in health and education on April 29, 2012 in Madrid. Trade Unions CCOO and UGT called for a demonstration against the severe austerity plans of the Spanish government. In April, unemployment reached a record rate and the government has announced that immigrants with no legal status will not be covered by the health public services. The government aims to get the deficit down to 5.3 percent this year and 3.0 percent in 2013. (Photo by Pablo Blazquez Dominguez/Getty Images)
Spanish Unions Protests Planned Government Cutbacks
MADRID, SPAIN – APRIL 29: A girl carries a vuvuzela during a demonstration organized by Unions against the financial cuts in health and education on April 29, 2012 in Madrid. (Photo by Pablo Blazquez Dominguez/Getty Images)

People wait at a bus stop in front of an Asian shop after shopping in downtown Malaga, southern Spain May 4, 2012. The euro zone economy worsened markedly in April, according to business surveys. (REUTERS/Jon Nazca)

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