Municipal Bankruptcy
The Municipality of Taranto was declared bankrupt because - as ascertained by Francesco Boccia, chief of the liquidation committee - as of 31 December 2005, it had accrued liabilities in an amount equal to 637 million euros. This is one of the biggest financial crises which has ever hit a municipality.
The fact that the municipality went bankrupt was officially declared on 18 October 2006 by the receiver Tommaso Blonda, appointed further to the resignation of the mayor, Rossana Di Bello, following her one-year-and-four-months imprisonment after her conviction for abuse of office and documental forgery in relation to investigations made on the contract for the management of the city incinerator given to the company Termomeccanica.
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Famous quotes containing the words municipal and/or bankruptcy:
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