Rome on the Brink as Detroit-Style Bankruptcy Meltdown Looms

[Lodestar]

Source: International Business Times

Italy's historic capital is on the brink of bankruptcy as its mayor plans to plead for a bailout from the national government.

Mayor Ignazio Marino told the Wall Street Journal that he is in daily discussions with Italy's national government.

But he stressed the parties "just needed to identify the right amount of money the government should give to Rome".

Read more: http://www.ibtimes.co.uk/rome-brink-detroit-style-bankruptcy-meltdown-looms-1438218

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The Fall of Rome II

[cosmicone]

1. It is because Vatican pays no taxes on any of its properties.

Tax the Vatican and no need for bankruptcy.

[Diclotican]

2. cosmicone

cosmicone

I think it is far more than just The Vatican who have not been paying its taxes on its properties... By the way - even as The Vatican is a state in its own right - outside the State limits - it is the Italian government who "Own" the different Churches and monasteries, as Italia, when it was founded in the 1800s - more or less took over the whole property of the then Vatican State, who was far larger than the current Vatican...

So, I believe, from my knowledge that it is many others who also have not being paying its fair share of taxes on the properties they own - and more secular also...

Diclotican

[yeoman6987]

4. Vatican City is it's own province

Even if the Vatican City had to pay taxes, it would not go to Rome.

[FBaggins]

5. Not even that... it's its own country.

It never was part of Italy... and when it was part of Rome, Rome belonged to the Vatican rather than the other way around.

[yeoman6987]

6. I may have known that at one time

but I had forgotten. Thank you for the reminder. I just love DU for the education.

[cosmicone]

7. I know Vatican is an independent UN member state

However,

the Vatican owns a lot of commercial enterprises and rental properties in Rome, uses Rome's electricity, water and roads. The Vatican doesn't have its own airport or sea port or train station. Anyone going to Vatican uses Rome's surface infrastructure and Vatican doesn't pay Rome for those costs.

http://www.bbc.co.uk/news/business-17072211

[phleshdef]

12. To be fair, I'm sure the Vatican is a big economic attraction for Rome.

I have no problem with the Vatican paying Rome some fair taxes of course, but if the Vatican didn't exist, Rome would probably be in even worse shape.

[cosmicone]

21. Are you kidding?

Rome has been one of the top tourist destinations even when one subtracts the pilgrims. Rome's ancient relics and museums are one of the best.

An almost equal number of tourists also go to Venice, Sorrento, Naples and Florence.

Vatican does add value but no where near its expenses.

[KamaAina]

20. The Vatican (Holy See) is not a UN member

http://en.wikipedia.org/wiki/Member_states_of_the_United_Nations

[cosmicone]

22. Thank you.. I stand corrected. n/t

[tomm2thumbs]

3. Interesting item from the article...

'Marino explained the capital deserved state support because of the vast amounts of tourists who flock to the city, but fail to contribute to its fragile economy.'

I doubt that it true, but if they show it is the case, then I think they need to tax the tourists then... if they are getting something for nothing, then fix the problem.

[Javaman]

8. as once a tourist to Rome, I would have gladly paid an additional tax. it's a beautiful city. nt

[tomm2thumbs]

15. yup and I suppose it is the case already

I know cities like San Antonio charge a premium for hotel stays that are in essence a 'visitor's tax' -- and no doubt it hasn't killed their city as a destination for big events

[sabbat hunter]

13. I am sure that the tourists

stay in hotels in Rome, eat in restaurants in Rome. Visit museums, historical sites in Rome. Buy memorabilia in Rome. Not sure what he wants the tourists to do.

I am sure that the hotels rooms have a tax that guests pay that goes to Rome.
So I am not really sure what he means when he says that tourists fail to contribute.

[tomm2thumbs]

14. exactly... sounded like sour grapes of some other kind

[Retrograde]

17. Rome has been a tourist attraction for millennia

and in my limited experience the hotels, restaurants, tourist sites, etc. have perfected the art of separating tourists from their money. I think the problem may be some revenue may go astray somewhere along the line.

[Kelvin Mace]

9. The story is woefully lacking in details and context

For a major tourist center and European capitol to be such in dire financial straights means either massive incompetence or massive fraud and corruption.

[Throd]

10. I would suspect it is both.

[elleng]

11. Ditto

[sabbat hunter]

16. Not to mention the fact that

it is a major financial center, a hub of fashion and high technology.

I need more details on what is going on. Fraud and corruption cannot be ruled out.

[alcibiades_mystery]

25. Finance and fashion are more associated with Milano

High tech in Italy is also up north, in Padua and other old manufacturing centers.

[Pterodactyl]

18. Wow. I hope things don't get as bad as Detroit is now.

[Lodestar]

23. Well Rome already has ruins...

So maybe one day people will visit Detroit, a tourist attraction featuring a former industrial center. (sarcasm)

[Pterodactyl]

24. Zing!

[JDPriestly]

19. I can just picture it.

Goldman Sachs buys the Coliseum and, as a tourist attraction, shows gladiator games.

What fun!

Not.

[CTyankee]

26. Will Rome be forced to sell its art, like Detroit?

don't freak...it was just my mordant humor...