Naples and Palermo among 10 Italian cities going broke as pressure grows on Europe’s third-largest economy

July 24th, 2012

FAKE NEWS for the Zionist agenda

News comes after Sicily declared it was on the brink of defaulting on bank loans
Six regions in Spain on cusp following Vatican’s request for aid

By
Phil Vinter

PUBLISHED:

06:45 EST, 23 July 2012

|

UPDATED:

07:33 EST, 23 July 2012

Worried: Prime Minister Mario Monti raised concerns that Sicily was on the cusp of defaulting on its debt

Italy’s economic woes refuse to go away with ten cities including Naples and Palermo reportedly struggling to manage their own finances.

The country has taken steps to try and sure up its economy on a national level in recent weeks, but the report by daily newspaper La Stampa today highlights growing concerns about the state of local finances.

According to the newspaper unnamed government specialists say the euro zone’s third largest economy is under severe stress at a regional level.

Last week Prime Minister Mario Monti
raised concerns that the autonomous area of Sicily was on the cusp of
defaulting on its debt.

The news comes in the wake of Spanish
reports that six regional authorities are on the brink of following the
Vatican’s request for financial aid, as they struggle to keep afloat.

In Italy local level funding issues
do not add to the country’s 2trillion euro public debt, but they
highlight the fact that the economic crisis is not solely biting at a national level.

La Stampa said a provision in the government’s spending review obliging municipal authorities to make a 25 per cent cut in the book value of certain assets had revealed big holes in municipal accounts.

The assets in question include
anticipated revenues from sources such as fines or waste management
taxes, often over-estimated in budget plans by authorities that know
they cannot expect to collect all of the projected funds.

Storm beneath the calm: Picturesque Naples, pictured, is one of ten Italian cities which is reportedly struggling to manage its finances

With the economy deep in recession and the central government looking to cut spending sharply, the heavy costs of bloated and wasteful local public administrations, particularly in southern Italy, are being laid bare.

But local authorities have also long complained that successive budget cuts have squeezed their resources while leaving them responsible for many vital municipal services.

Even in the prosperous north, some cities are having trouble with Alessandria, near Genoa in the northwest declaring a state of financial emergency last month under the weight of 100 million euros in debt.

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This European Union has a lot to answer for , hasn’t it ! Bankrupting countries that were formerly robust , historically wealthy and good people who have nothing to do with the Farce of the politicians game with , not just peoples lives, but their countries too. when will the people of Europe do something about the utter stupidity of the dreamers, who would probably like to back down and give up now ! But Now , their stupid pride appears not to allow them to do a U Turn ! Why don’t they talk to Cameron. He could tell them how to do it. Better still listen to the people of Europe , all you weak dreaming politicains of Europe.

– mick blair, thailand, 24/7/2012 01:44

The bank of Rome could bail all of us out…!!!

– Fed Up , Leeds, 24/7/2012 01:33

Proves the point that you cant live on credit for ever. Italy and the other Club Med countries appear to have been on payday loans for some time and expect the rest of us to fund it. Sorry but the train has just hit the buffers. Go back to the lira and work for a living and get rid of the excess fat in the public sector. No pain no gain.

– John, Perthshire, 24/7/2012 01:29

Just as soon as Vesuvius erupts, Naples won’t have a debt problem.

– EJ, UK, 24/7/2012 01:15

Since the Mafia runs both these cities ,let them bail them out. – John H, Balloch Scotland, 23/7/2012 15:07
Your’re right, but at least we don’t have another country manteining us.

– Frankie, Rome, 23/7/2012 18:02

Most of these countries have a very relaxed atitude to work and tax, half days, siestas, blaternly avoiding property tax by pretending you still building when your not etc. how could they ever be in a single currency and union. Now its all gone wrong we all have to pay.

– i know something, somewhere, 23/7/2012 17:54

we need to get this Â£12 trillion from the Calebs that are avoiding tax.
and with football and other sports stars earning stupid amounts of money no wonder the world is going bust.
there is a lot of money in the world its just that its in a few peoples bank accounts. and how much money do these people need?
web should wipe off everyone’s debt and then start again.

– graham, Bournemouth, 23/7/2012 17:54

all these european countries who loved socialism are now paying the price. the solution is WORK. the problem is people got used to government handouts, now that there is no more free stuff people are rioting. this is America’s crystal ball peek into the future. and obama is ROCKETING the US to be like greece and the rest.

– Herbbb Greeen, dana point ca., 23/7/2012 17:14

Sell the Vatican and feed the world

– Maura, Dublin, Ireland, 23/7/2012 17:14

Palermo and Naples are rife with corruption, and as with Greece not paying taxes is a national hobby in Italy.

– Gruff, Southport, 23/7/2012 16:44

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