8.  Spain

Termination payments - The Spanish Council of Ministers approved a draft law in November 2009 allowing the State to guarantee commercial bank debt for future PPPs. This would make the concept of "Responsibilidad Patrimonial" (or "State Responsibility") more explicit and quantifiable in PPP contracts. This concept has been interpreted as meaning that lenders will recover their debt outstanding in the case of termination caused by a PPP company default.