Italy: Ten cities at risk of bankruptcy

Italy's financial outlook darkened on Monday amid warnings that 10 cities are at risk of bankruptcy and schools may not be able to open in the autumn because of drastic spending cuts.

The cities at risk of running out of money include Naples, Palermo in Sicily and Reggio Calabria, on the toe of the Italian boot, according to the Italian press.

"The situation is becoming worse by the day," said Graziano Del Rio, the president of a national association of municipal councils.

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