America (in this case, Pennsylvania), Fuck YA! AFP via Google reports:
Pennsylvania’s state capital Harrisburg has declared bankruptcy, according to a court filing seen on Wednesday, raising the specter of a string of local defaults across the United States.
The city — whose finances have been ravaged by the costs of upgrading a once-mothballed trash incinerator — filed late Tuesday to seek protection from creditors. The city reportedly owes around $310 million.
According to the Bankruptcy Court filing, Harrisburg has between one and 49 creditors. It also reported a roughly equal amount of assets and liabilities, in the range of $100-500 million.
The state of Pennsylvania had tried to force Harrisburg to sell off those assets in order to pay bondholders, but the city council reportedly voted by a margin of four to three on Tuesday to opt for bankruptcy. The result is a rare, but not unexpected, US municipal bankruptcy amid a faltering economy.
More: AFP via Google