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To match Feature SPAIN-VALENCIA/

A view of the City of Arts and Sciences, by architect Santiago Calatrava, is pictured in Valencia May 2, 2012. The complex's cost escalated from an initial 625 million euros up to 1280 million euros, according to local media. Once the beacon of Spain's new economic grandeur, the Mediterranean region of Valencia has become a symbol of all that is wrong with the country. Years of free spending, coupled with a hangover from a burst real estate bubble and the collapse of local banks, have put Valencia on the brink of being bailed out by the central government - which has huge budget problems of its own. The building sector's implosion has forced into the open allegations that corrupt Valencian politicians, developers and bankers were in cahoots during a decade of easy money at low interest rates after Spain joined the euro in 1999. Picture taken May 2, 2012. To match Feature SPAIN-VALENCIA/ REUTERS/Heino Kalis (SPAIN - Tags: SOCIETY BUSINESS POLITICS)

How Valencia reflects Spain's economic crisis

Once the beacon of Spain's new economic grandeur, the Mediterranean region of Valencia has become a symbol of all that is wrong with the country.