Mestre and Porto Marghera, seeking employment as well as affordable housing. Today, Venice's economy is mainly based on tourism, shipbuilding (mainly in Mestre and Porto Marghera), services, trade, and industrial exports. Murano glass production in Murano and lace production in Burano are also highly important to the economy. The city is facing financial challenges. In late 2016, it had a major deficit in its budget and debts in excess of €400 million. "In effect, the place is bankrupt", according to a report by The Guardian. Many locals are leaving the historic centre due to rapidly increasing rents. The declining native population affects the character of the city, as an October 2016 National Geographic article pointed out in its subtitle: "Residents are abandoning the city, which is in danger of becoming an overpriced theme park". The city is also facing other challenges, including erosion, pollution, subsidence, an excessive number of tourists in peak periods, and problems caused by oversized cruise ships sailing close to the banks of the historical city. In June 2017, Italy was required to bail out two Venetian banks—the Banca Popolare di Vicenza and Veneto Banca—to prevent their bankruptcies. Both banks would be wound down and their assets that have value taken over by another Italian bank, Intesa Sanpaolo, which would receive €5.2 billion as compensation. The Italian government would be responsible for losses from any uncollectible loans from the closed banks. The cost would be €5.2 billion, with further guarantees to cover bad loans totaling €12 billion. Tourism Venice is an important destination for tourists who want to see its celebrated art and architecture. The city hosts up to 60,000 tourists per day (2017 estimate). Estimates of the annual number of tourists vary from 22 million to 30 million. This "overtourism" creates overcrowding and environmental problems for Venice's ecosystem. By 2017, UNESCO was considering the addition of Venice to its "In-Danger" list, which includes historical ruins in war-torn countries. To reduce the number of visitors, who are causing irreversible changes in Venice, the agency supports limiting the number of cruise ships as well as implementing a strategy for more sustainable tourism. Tourism has been a major part of the Venetian economy since the 18th century, when Venice—with its beautiful cityscape, uniqueness, and rich musical and artistic cultural heritage—was a stop on the Grand Tour. In the 19th century, Venice became a fashionable centre for the "rich and