Spanish Cities Saddled with Half-Completed Infrastructure Projects

Marc Herman writes that cities in Spain used the housing bubble as a way to finance major infrastructure projects that now, after the real estate crash, they really can't afford.

Herman says that while the crisis in the U.S. has primarily impacted homeowners, city governments are feeling the hit the worst in Spain. Herman digs into the case of the unfinished Castellon Airport:

"Castellon Airport has become one of the better-known examples of Spain's so-called "white elephant" problem. Across the country, local governments in the European nation of 44 million are saddled with thousands of publicly funded construction projects made in the starrier moments of a mid-2000s property boom."

Herman asks if the boom was just exuberance, or if there is corruption underlying the problem.

Full Story: Spain’s Vacant Airport Typifies European Woes

Comments

building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25
Red necktie with map of Boston

For dads and grads: tie one on to celebrate your city!

Choose from over 20 styles imprinted with detailed city or transit maps.
$44.95
T-shirt with map of Chicago

Show your city pride

Men's Ultrasoft CityFabric© tees. Six cities available.
$23.00
Woman wearing city map tote bag

City Shoulder Totes - New Cities Added!

Durable CityFabric© shoulder tote bags available from 9 different cities.
$22.00