Spain's most indebted town: 1,700 euros per inhabitant: "Authorities in the Spanish town of Teruel wanted to re-pave the streets, lure tourists and develop new technologies. Instead, they dug one of the country's deepest debt holes.
Lying 300 kilometres (190 miles) east of Madrid, Teruel's debt is equal to 1,700 euros (2,200 dollars) for each inhabitant.
'In Teruel, like other Spanish towns, we have lived well beyond our real means for the past 20 years,' confessed mayor Manuel Blasco of the conservative Popular Party. He replaced Miguel Ferror, a representative of a coalition between the Aragonese Party and Socialist Party, who unexpectedly resigned in November."
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