Suddenly, Munis Have Old World Charm

European cities are marketing bonds at home and abroad

When Italian-Americans get a yearning for the old country, they can uncork a bottle of Chianti and cook up some pasta. Some may put on Luciano Pavarotti singing O Sole Mio. And now, if the mayors of Naples and Rome get their way, Italian-Americans will be able to reap some dividends out of their nostalgia. Both cities are preparing to issue their first municipal bonds, including some denominated in U.S. dollars.

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