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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."

Read more here.

October 17, 2011 in Current Affairs | Permalink

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