The unpaid invoices that the Spanish regional governments owe medical companies have, by all accounts, grown to unwieldy levels. Combined pharmaceutical and medical technology companies are waiting on about €9.7 billion ($13.8 billion) in past-due bills of this nature (see tables below).

Farmaindustria, the trade group for pharmaceutical makers, recently spoke to Bloomberg about plans to securitize these receivables in a bond potentially guaranteed by the central government.

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