The potent brew of a weak recovery, falling revenues and high debt has claimed another municipal victim.
This time, it's Harrisburg, Pa., the state capital with a population of 46,000, whose city council voted late Tuesday to file for Chapter 9 municipal bankruptcy protection, according to The Patriot News.
“This really is our only option out there,” Councilman Brad Koplinski told the newspaper. “I believe this is the only thing that will work.”
The Associated Press said Wednesday that Harrisburg had indeed filed the petition, which cited "overwhelming debt," adding that the city was in "imminent jeopardy" from creditor claims.
1 comment:
Keep going at the rate we are and the whole country is going to declare bankruptcy. You cant continue to spend money you dont have. If you can print your own money the way we are I guess you will be alright. If I had a money printing machine in 1994 I wouldnt have declared bankruptcy.
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