Italy will auctioned off historic lighthouses

The Italian government needs funds for its struggling economy. In order to raise money, the government has decided to auction off more than 6 historic lighthouses along the coast of Sardinia.

Private companies will lease the lighthouses. This means that the historic lighthouses can now become resorts, galleries, hotels or even research centers.

The decision to auction off the lighthouses is a result of Italy’s public debt, which totals around 120 percent of annual GDP. Last year Italy’s economy grew by only 0.4 percent and experts say it will shrink this year. Silvio Berlusconi was even replaced as prime minister due to scandal, overwhelming debt and high borrowing cost.

The government has also decided to auction off the lighthouses because the government simply cannot afford to maintain them. The historic structures will be auctioned off at market rates. It is not known how much it will cost to lease the structures.

Italy Lighthouse Auction To Raise Money For Economy

Italy Lighthouse Auction To Raise Money For Economy