Valencia spent more than $1.5 billion to build the City of Arts and Sciences, the museum complex shown here in a photo from summer 2011.
Credit Alberto Saiz / AP
In 2009, Formula One driver Fernando Alonso (from left), Ferrari President Luca Cordero di Montezemolo and Ferrari F1 driver Felipe Massa ride in a Ferrari driven by Valencia's then-regional government president Francisco Camps.
The Spanish region of Valencia has been called the "California of Spain" for its gorgeous Mediterranean coastline and modern architecture.
But now Valencia epitomizes the worst of Spain's problems. It had the country's most inflated property market and the biggest crash. Its landscape is littered with empty and half-finished buildings. Valencia has also had an unusually high number of politicians indicted for corruption.
Originally published on Tue January 29, 2013 3:03 pm
A federal judge has approved a guilty plea by BP to manslaughter charges in connection with the 2010 Gulf oil spill.
The approved deal includes a record $4 billion in criminal penalties.
Eleven workers on the Deep Water Horizon rig died in the April 2010 explosion. BP pleaded guilty to manslaughter charges for those deaths and to lying to Congress about the amount of the oil spilling out into the Gulf of Mexico.