Is Rome The Next Detroit?

The “Eternal City” of Rome may soon find itself being considered alongside Detroit as bankruptcy approaches and institutional bond buyers grow weary. Bailout from national government uncertain The city of seven hills needs to close a $1.7 billion (US) budget gap and likely won’t get much help from the national government, as Italian lawmakers from across the struggling nation, whose cities are equally having difficulty making ends meet, say a bailout decree for the city has little likelihood of passing the national assembly. “It’s time to stop the accounting tricks and declare Rome’s default,” Guido Guidesi, a parliamentarian from the…