MALLORCA TODAY - Balearics ask for 355 million euros rescue

The Balearic Government has formally announced a request for rescue funding by the Spanish Government which amounts to 355 million euros in total. The amount comprises 166 million for ordinary funding and 189 million to meet debt maturities (bond interest payments for example). Terms of the financing would mean interest of 6%, with repayment most likely to have to be within ten years. The regional government is seeking to take advantage of the Government Liquidity Fund from which other regions have requested finance. In the Balearics case, the request is lower than that by other regions.