Rome on the Brink as Detroit-Style Bankruptcy Meltdown Looms

Italy's historic capital is on the brink of bankruptcy as its mayor plans to plead for a bailout from the national government.

Mayor Ignazio Marino told the Wall Street Journal that he is in daily discussions with Italy's national government.

But he stressed the parties "just needed to identify the right amount of money the government should give to Rome".

Marino explained the capital deserved state support because of the vast amounts of tourists who flock to the city, but fail to contribute to its fragile economy.

The news comes after new Italian Prime Minister Matteo Renzi had to stop a decree from his predecessor that would have helped fill the city's €816m financial black-hole.

Renzi had to stop the proposal from going before parliament after political pressure suggested it would be unlikely to pass a vote.

The Mayor now has to take drastic measures to help improve the municipality's finances, which could lead to wage cuts for the city's 20,000 strong workforce.