Give citizens a bailout bonus, urges Mayor

THE Mayor of Benidorm has called on Spanish president Mariano Rajoy to ensure citizens benefit from a bailout to the banks. Agustin Navarro has sent two letters, one to President Rajoy and another to the Spanish Federation of Munipalities and Provinces, asking for a reduction of interest rates and an expanded payment deadline for all municipalities in the country.

“If Spain and Europe are bailing out the banks, this should bring benefits for citizens and for adjustment plans requested by municipalities,” Navarro explained.
Interest rates should sink by 1.5 to two per cent and the payment deadline expanded from three to five years, he said.

He also demanded that bailed out banks in Benidorm “do not evict any more families who cannot pay their mortgage.” In his view “we are paying twice, for bailouts and for interests in adjustment plans.”

Mayor Navarro said: “The town council can face this adjustment plan, but we would be less pressed to cut back services for citizens” if interest rates are lowered and the deadline is expanded. Benidorm’s loan was requested from 11 different banks.