- POSTED: 01 Mar 2014 05:20
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Italy's new government on Friday decreed a payment of 570 million euros to Rome to prevent the capital sliding into bankruptcy.
ROME: Italy's new government on Friday decreed a payment of 570 million euros (US$787 million) to Rome to prevent the capital sliding into bankruptcy.
The move sidesteps a refusal by Italy's parliament to divert funds from the country's stretched coffers to bail out the city.
But the government of Prime Minister Matteo Renzi ordered Rome to come up with a multi-year plan to balance its books by, if necessary, privatising some city companies and selling some of its properties.
Rome's newly elected mayor, Ignazio Marino, on Thursday threatened to bring the city to a "standstill", for instance by halting public transport, because of insufficient funds. The city has a budget deficit of 816 million euros (US$1.1 billion).