October 17, 2011
Pennsylvania's Capital City Files for Bankruptcy
"Seeking to stave off a state takeover of its beleaguered budget, the city of Harrisburg, Pa., filed for a rare Chapter 9 municipal bankruptcy on Wednesday.
Harrisburg, the Pennsylvania capital that previously defaulted on its debt, cited a 'continued erosion of its finances,' in a resolution that was passed late Tuesday approving the bankruptcy."
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