The city of Harrisburg, Pa., filed for bankruptcy protection Wednesday, which supporters characterized as the only alternative to a state takeover that would force the city to use its most lucrative assets to pay off Wall Street creditors.Read the rest here.
The bankruptcy filing was a hotly contested and emotional issue in Pennsylvania’s capital city. It was strongly opposed by Mayor Linda D. Thompson (D), who has said that bankruptcy would leave an embarrassing mark on the city of 49,000 while crippling its future ability to borrow for municipal projects.
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