Tierra Mitica – a theme park just outside Benidorm on the Costa Blanca – is suffering cash flow problems, again! Unable to pay staff wages, Tierra Mitica has raided a reserve fund that was mean to be left untouched until 2011. The main shareholders of Tierra Mitica are the Generalitat de Valencia, Bancaja, and CAM (savings banks)and, as usual in Spain, property developers and real estate speculation are mixed into a murky story.
Expect more problems on this front. When you mix property developers, savings banks, and local government in Spain, the resulting business is never world class.