Boom goes bust in spain's valencia region

Once a shining example of Spain's economic boom, Valencia generates grimmer headlines now: corruption scandals, huge debts, austerity cuts and ensuing popular protests.

One photograph encapsulated the happier days: Valencia regional government chief Francisco Camps sitting alongside the city mayor, Rita Barbera, who is all smiles at the wheel of a Ferrari.

The image, republished recently in the leading daily El Pais, harkens back to days of opulence of this Eastern, orange-growing region on the Mediterranean Coast.

At the time, both politicans were patting themselves on the back for negotiating the arrival of the Formula 1 Grand Prix in Valencia, after having hosted yachting's America's Cup.

Source: News.Malaysia.MSN.com