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Washington Post examines Italy's financial woes

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Amid much talk about financial woes in Greece, today the Washington Post turned its eye to the country's Mediterranean cousin, with an article on how the economy has impacted the small Italian town of Recanati.

Thanks in part to "deepening financial crunch from a range of woes encompassing bad investments, plummeting tax revenue, high debt levels and rampant overspending," reports Anthony Faiola, the town is now being forced to sell off park land, eliminate a public kindergarten, reduce aid for senior citizens and cancel planned repairs to streets and buildings.

The article also examines how Italy at large has been affected by the international economic crisis.Writes Faiola, "...in Italy alone, an estimated 519 cities and towns are facing more than $1.3 billion in losses from derivatives deals, according to a report from the Bank of Italy."

What do you think?