Airports - Theme Parks - Now Motorways.

Now we hear that Spanish motorways are bankrupt to the tune of €4bn with the government seeking to reduce its liability by insisting that the several international banks who loaned money on these mad toll motorways take a reduction of 50% on the capital they originally loaned. There are 12 national and international banks owed money, many of whom are refusing to take a ‘haircut’.  Spain blames the recession for the lack of traffic on the toll roads – could it possibly be the crazy prices that have driven people away from them?  Has the Spanish government ever got anything right – apart from how to fiddle the books?

Seen in the news this week that they are going to spend more money making more of the N332 in Torrevieja dual carraigeway - dropping the tolls around Torrevieja would save the spend!!!!!

The bit of the N332 still without barriers is being made a dual carriageway due to several accidents on that stretch which has caused several deaths. It's the only bit without barriers so it makes sense to do that.

N332 deaths 1

The AP7 tolls around Torrevieja are being closed down in 2018 when the contract with the operators runs out.

And the AP-7 from Tarragona to Alicante will become toll free in 2019 although quite a few local authorities are calling for it to be toll free now. Just 7 years ago, the N-332, especially the bit from Santa Pola through Torrevieja, was classed as one of the most dangerous roads in Spain. The dual carriageway and barriers through Torrevieja have improved it immensely. It use to be bumper to bumper traffic and not all of it was through traffic.

The bit between the hospital and through the centre almost up to the San Jaime turn is the only bit in Torrevieja left to be a single road with no barriers and this is where the accidents have been occurring. Mainly because traffic entering swing over to the other side of the road into oncoming traffic as there is no barrier to stop them.

mariedav - thank you I did not realise that

I would add though removal of the tolls would reduce the traffic. Great news for 2018 - probably not help Santa Pola area much but every little would help

I think that the idea is for the government to take over and nationalise the toll roads, but they will inherit the indebtedness to the lending banks. They need to lower the outstanding debts to show the EU watchdogs that they are not breaching the terms of the EU bail-out. Only the spanish government would expect to steam into a dozen lending institutions and demand a 50% write-off. Why not compound the debts and reduce them by way of share investment or a leverage agreement. Having said that,  the words Spanish Government, common sense and shrewd business deals never appear on the same page.