From Reuters
By Cate Long
''The bankrupt cities San Bernadino and Stockton, California share similar
fiscal woes. Both include very high employee pay and benefits. Both
have sought the protection of Chapter 9 municipal bankruptcy and are
shielded by the courts from any new litigation. The court protection
gives the cities time and fiscal space to negotiate with employees and
creditors, and to organize their financial affairs. It’s hard to imagine
the difficulty of running a city in bankruptcy with dwindling cash
reserves.''
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