Madeira’s Missing Yachts Fall Victim in Portugal to Europe’s Debt Crisis

On the western shores of Madeira, waves crash onto the walls of the Marina do Lugar de Baixo, sending white spray into the air above the dock built for 291 of the world’s finest yachts. All the berths are empty eight years after the boat landing opened. The European Union, which gives Portugal more handouts for development than Greece, partly funded the 44 million-euro ($56.1 million) marina. The site is currently closed and under further construction as the Atlantic surf on the Portuguese island has proved to be too dangerous for the yachts. “This marina is probably the single-biggest white elephant project on the island and a hallmark of the government’s overspending spree,” Edgar Silva,...