Bloomberg: Largest U.S. Municipal Bankruptcy Looms in Alabama
Bloomberg: Largest U.S. Municipal Bankruptcy Looms in Alabama There is a solution to this - it is very simple and UK Central Government has been aware of it for 3 years….
They’re talking more about Chapter 9 municipal bankruptcy in Jefferson County, Alabama, the home of the largest city in the state, Birmingham.
Who can blame them?
The county is now being whipsawed by an ill-thought-out debt policy and the collapse of the bond insurers. Credit-rating downgrades all around have triggered a series of events that are no longer in the county’s control, leaving it at the mercy of securities firms that have little room for maneuver themselves.
This has produced a steady series of stories in my new favorite newspaper, the Birmingham News, all about how the county is preparing to declare bankruptcy any day.
Original post by lvmreader
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