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The Spanish region of Valencia may face default if it doesn’t receive more financial aid from the central government, El Mundo reported, citing the president of the region, Alberto Fabra.
“If they don’t give us more credit, we won’t get through July,” El Mundo cited Fabra as saying.
The central government has already approved a 135 million euro ($165.9 million) loan to the regional government of Valencia so that it can meet payments this month but the region has to make payments of 115 million euros in August and currently has no way of doing so, the newspaper added.
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