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City of Rome has €13.6 bn in debt and only scrapes by because of government financing

The outstanding debt of the city of Rome is €13.6 billion despite the cuts and sacrifices imposed upon its inhabitants. The debt was accumulated almost entirely before 2008 with mortgages and loans taken out over time in order to invest in the city. The figure was certified by Silvia Scozzese, ex budget councilor to former Rome mayor Ignazio Marino and now the government’s Special Commissioner for the repayment plan.

Today Romans pay the highest regional taxes in Italy. Moreover, the sustainability of City Hall’s accounts is only guaranteed by the extra annual contribution of €500 million made by the government, which must also factor in the €110 million earmarked to shoulder the extra costs borne by Italy’s capital.