Thursday, June 28, 2012

Stockton to be largest US city to file bankruptcy ... - The Finance Room

on June 27, 2012 5:50 pm in Business News / no comments

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Members of the Stockton City Council listen to citizen statements Tuesday, June 26, 2012, in Stockton, Calif. Stockton officials continue to grapple with the city's financial plight, struggling to restructure millions of dollars of debt threatening to turn the city with the nation's second highest foreclosure rate into the largest American city to file for bankruptcy. (AP Photo/Ben Margot)In opting to become the nation's largest city to seek federal bankruptcy protection, Stockton took a rare financial step of last resort after struggling with the economic downturn, soaring pension costs and contractual obligations.

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