Italy auctioning off historic lighthouses

The Italian government is going to raise money for the economy by auctioning off lighthouses that are located off the coast of Sardinia.

The historic lighthouses can be transformed into research centers, resorts, galleries or hotels because they are going to be leased to private companies. According to International Business Times, Italy's public debt is around a total of 120 percent of annual economic output. The economy did not grow a lot too. It only grew 0.4 percent last year and in 2012 it is expected to shrink. According to the Telegraph, Sardinia's autonomous government cannot afford the maintenance on the lighthouses anymore and they cannot afford to restore the historic structures. Authorities in Sardinia said that the lighthouses will be auctioned off at market rates in the upcoming weeks. As of now the cost of leasing the historic lighthouses is not known. There are 15 lighthouses that will be auctioned off. The lighthouses are located in some of the most popular tourist spots in Sardinia.