The Valencia regional government finished 2012 with a 3.2 billion euro deficit, a figure that underscores the region's weak economy. In its budget review for the year, the Valencian government unveiled thati its deficit was 6.2% -- far greater than the 3.45% of GDP that it had promised the Ministry of Finance that it would meet.
The region spent 6.2 billion euros more than it earned in 2012. Valencia is surviving thanks to aid from the national government, but it has yet to take sufficient measures to solve its spending problem. The region owes service providers more and more money and continues to pay for superfluous services like its own public telivision station. The worst part of the situation is that the Ministry of Finance has not intervened to fix it.
