The Algarve Câmaras Association (AMAL) has called on the Portuguese government to meet with the Troika and bank managers to unlock applications from Algarve municipalities for bank credit.
At an AMAL meeting with representatives from the 16 municipalities in the Algarve to discuss the financial difficulties that Câmaras are facing, the president of AMAL and Faro Mayor, Macário Correia stressed the fact that banks are not currently granting credit to local authorities and wants the Government to intervene.
“The so-called Troika is in a new stage of negotiations with the government and monitoring the situation in Portugal. At the moment, they are also working with the country’s main banks.
“We hope that these negotiations go well, so that we can resolve our financial problems.” said Macário Correia.
He added: “The 16 municipalities of the Algarve have €300 million of overdue debt. We need the government to take action or the future of the Algarvean Câmaras is at risk.”