14 October 2008

MADRID -- The Madrid regional government on Monday assured concerned university professors that their salaries will continue to be paid after it unexpectedly cut university funding in September, but did not reveal where the struggling region would find the extra money.
 
Following a meeting with representatives of Madrid's six public-funded universities, Antonio Beteta, the head of the regional economy and finance department, said that professors' salaries are guaranteed and that solutions to the financing crisis are being studied.
 
"Pay for this year is guaranteed and money has also been set aside in the 2009 budget", Beteta said. "However, universities will have to adjust their costs to the crisis and tighten their belts".
 
One solution under consideration is for universities to seek a bank loan supported by guarantees from the regional government. Finding a willing bank, however, may be difficult in the current economic climate.

[El Pais / Román Orozco / Expatica]