Ten Italian cities are at the risk of bankruptcy
July 24th, 2012 - 9:46 pm ICT by Aishwarya BhattRome, July 24 (THAINDIAN NEWS) Ten Italian cities are looking at bankruptcy in the eye. They include Naples, Alessandria, Palermo and Reggio Calabria. Even Sicily’s financial situation isn’t great.
“The situation is becoming worse by the day,” according to Graziano Del Rio, who is the president of a national association of municipal councils.
The main reason behind the financial let down is the gross mismanagement by the government coupled with corruption. For years the governments have played around with the EU funds and wasted them. The Mafia chain has also helped a lot in the bankruptcy woes.
The national government is looking into the matter and they are enforcing huge cuts in the spending power of the cities. One of the main disadvantages of the cuts is that there is a persistent fear that the school in the black list might not open as there exists no money for the schools to function upon.
“With these cuts we won’t be able to guarantee the opening of the school year,” said Giuseppe Castiglione.
The country is presently facing a national debt of around 2 trillion Euros and the government is at its wits end to reduce it.
- 10 Italian cities face bankruptcy: Report - Jul 25, 2012
- Italian magistrate arrested in mafia crackdown - Nov 30, 2011
- Police move to crush mafia in Italy - Jul 13, 2010
- Troops to combat mafia in Italian city - Oct 07, 2010
- Fugitive Italian mafia leader arrested - May 04, 2012
- Italian priest killed by mafia may be declared saint - Jun 30, 2012
- Nearly 50 mafia men held in Italy - Jun 07, 2012
- Manchester City's Balotelli saw a table of cocaine - Nov 09, 2011
- 15 bn euros of mafia wealth seized in Italy - Jun 12, 2012
- Flat seized from Italian mafia to become kids' home - Sep 07, 2012
- Mafia assets worth 47 mn euro seized in Italy - May 20, 2011
- Man held for attempted bomb attack on Italy president - Sep 21, 2010
- Italy may deploy troops to fight mafia - Apr 29, 2010
- Nearly 200 kg cocaine seized in Italy port - Sep 08, 2012
- Water crisis in Delhi as Haryana cuts supply (With Image) - Jun 16, 2012
Tags: alessandria, financial situation, giuseppe castiglione, graziano del rio, gross mismanagement, italian cities, mafia, municipal councils, naples, national debt, national government, palermo, persistent fear, reggio calabria, school year, sicily, spending power, trillion, wits end, woes