Spain’s first town to (officially) suspend payments

A hat tip to the Twittersphere for highlighting this story from Spain’s elEconomista.es on Wednesday, which recounts the sad tale of a town called Villajoyosa in the Valencia region of the country.

We have to rely on Google Translate — but from what we can make out, it seems to suggest it’s the first Spanish town to officially admit it is approaching bankruptcy, if you equate the suspension of all payments — bar essentials — with that classification.