Thursday, November 03, 2011

How Harrisburg Borrowed Itself Into Bankruptcy

Steve Malanga: How Harrisburg Borrowed Itself Into Bankruptcy - WSJ.com
Harrisburg, the capital of Pennsylvania, is drowning in debt. City officials have known for more than four years that they'd have to deal with the fiscal mess, but they punted.
The state has engineered a bailout plan, but the city council rejected it.
Instead it has asked creditors to forgo as much as $100 million of the debt.

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