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Just an exception – or the beginning?

Can a complete city of the size of Zurich or Nuremberg get into bankruptcy?
No? Then this city in California, namely Stockton is teaches you otherwise!
Stockton is in debt with hundreds of millions of dollars. What sounds not much
is a real shock for the residents. The city is also suffering of high crime now!

What began with a real big building boom, ended up in a real big financial fiasko. The result is now a city that faces bankruptcy. Senior citizen have to fear drastic cutbacks off their payments and governmental employees have to fear either massive drawbacks in their salary or even worse, lay-offs!

watch the complete report here:

June 25, 2012 Netspark - 1588 posts - Member since: May 9th, 2011 No Comments »

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FILED UNDER :Curiosities , Economy&Finance , News
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