German cities likely to lose $600m in Greensill Bank insolvency
CGTN Europe
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3m 13s
On the banks of the Rhine river in northeastern Germany, Monheim-am-Rhein has a small-town feel with the deep pockets of a big city. The town of 43,000 is full of quaint alleyways and small shops. Neighbors tend to greet each other by name.
But the charm is only half of the appeal. Midway between Dusseldorf and Cologne and only 25 kilometers from either, it has quickly become a booming business hub over the past 10 years, with more than 350 companies relocating since a decision by the town council to halve trade tax rates.
Immediately, the city's tax base grew. Hundreds of companies brought thousands of jobs and the city was routinely spending less than the total money coming in.
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