San Bernardino Files Chapter 9 Bankruptcy Petition; Pension and Medical Liabilities Impossible to Meet; Major Wave of Municipal Bankruptcies Has Begun

http://globaleconomicanalysis.blogspot.com/2012/08/san-bernardino-files-chapter-9.html

San Bernardino, California, after disclosing a $46 million shortfall in the city’s budget, filed for municipal bankruptcy.

San Bernardino listed assets and debt of more than $1 billion
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