Kyoto, Japan's beautiful old imperial capital, is going broke fast
CBSN
Tokyo — The glorious ancient monuments, Zen temples and soaring pagodas of Kyoto have made it a major tourist draw for decades. The Japanese city's population is only about 1.5 million, yet it boasts 17 individual UNESCO World Heritage Sites. But the bucolic scenery belies a painful reality: Japan's magnificent imperial capital city is running on empty.
Kyoto Mayor Daisaku Kadokawa minced no words at a shocking news conference last year: "We're facing a crisis situation, with the prospect of bankruptcy within a decade."
Without steep cuts in public services, it was forecast that the city will fall $2 billion into debt, with all reserve funds exhausted, within just five years.
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