Enormous debt

Just where has all the money gone? The Balearics was once one of the richest regions in Spain but now it is in debt to the tune of 5'414 million euros, a staggering amount. The islands have a net debt ratio of almost 20 percent. A once bouyant economy has been destroyed by the heavy spending of previous administrations. There are some prime examples of excessive spending. Did Majorca really need a velodrome? Did Majorca really need a metro? Did the previous local government have to spend so much on staff. The list goes on. Unfortunately, it has left the islands with a major black hole in its finances. I know that all the Spanish regions are heavily in debt but the Balearics was once the shining light of economic growth. I would say that this enormous level of debt has been run-up as a result of very poor management of government funds. It appears that our Balearic government was like a dedicated shopper who had just been given a new credit card. So how are the local authorities intending to pay off this enormous debt. Well answers on a postcard, please! Cuts are being made but really they just scratch the surface. The Balearic government need a proper plan to reduce debt and get the economy back on track. So far they have come up with few answers to the many problems which are now facing the islands. Thankfully, tourists continue to flock to these shores otherwise the Balearic government would have serious problems and the debt would rise further.