Faro Mayor Macário Correia has admitted that Faro Câmara
is bankrupt.
Macário Correia said on November 5, in a interview with Expresso newspaper’s online television channel, that the plan for financial recovery that is being developed includes an application to the banking industry for a loan of 48 million Euros.
The plan has yet to receive the approval from the Government and the Court of Auditors.
“This is our solution, but Faro Câmara will not close its doors if the plan is not approved. We are here to do our best and try to solve this situation,” said Macário Correia.
He said that the current financial situation came about after the medium and long term loans rose from 14 to 37 million Euros between 2001 and 2005 and the billing debt from 16 to 35 million Euros between 2005 and 2009.
