Economy / Politics

Rome and Milan on the verge of bankruptcy

Budget cuts ordered by the central Government are putting major Italian Municipalities on their knees.

The newly-elector Mayor of Rome, Mr Ignazio Marino of the Democratic Party, just informed the Government that is Municipality is in the red for 867 million euros.

In the meantime his colleague of Milan, Mr Giuliano Pisapia of the Democratic Party, is struggling to find half a billion euros before the end of the budget year.

In Italy public Entities cannot technically go bankrupt. If the debts of a Municipality spiral out of control, its elected organs will be dissolved and a Government Commissioner appointed.

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2 thoughts on “Rome and Milan on the verge of bankruptcy

  1. Pingback: Renzi faces tense political climate (even by Italian standards) | Italian Insight

  2. Pingback: Circus Maximus leased to Rolling Stones for 7,000 euros | Italian Insight

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