By outward appearances, Stockton, a city of nearly 300,000 on the Sacramento-San Joaquin River Delta, seemed in the mid-2000s to be emerging from decades of struggle.
But then the recession hit, and the good times went bust. On Monday, California’s 13th-largest city begins federal court proceedings that could end with it becoming the most populous city in the U.S. to successfully enter bankruptcy, a move opposed by those who lent the money [...]
NEW YORK (CNNMoney) — San Bernardino became the third California city to file for bankruptcy in the past few weeks … but it won’t be the last.
Many municipalities in the Golden State and around the nation are struggling to cover their costs as the economic malaise continues to hurt tax revenue streams, experts said. This will lead to more municipal bankruptcies, which have been rare until now.
“This is not the [...]
By Phil Willon, Catherine Saillant and Abby Sewell, Los Angeles TimesJuly 12, 2012
Facing the same financial stressors that pushed San Bernardino toward bankruptcy, cities across California are slashing day-to-day services and taking other drastic actions to skirt a similar fiscal collapse.
For some, it may not be enough.
San Bernardino on Tuesday became the third California city to seek bankruptcy protection in the last month and, while no one expects the state [...]
The longest foreplay, well except what they have going on over in Europe these days, is now over:
STOCKTON, CALIFORNIA, FILES FOR BANKRUPTCY COURT PROTECTION
Let’s see: this week we have had official insolvency filings from Spain’s banks, Cyprus, now Stockton, and rumors that Slovenia is next. It also appears that Spain and Italy do not want to be “fake” bailed out unless they are “for real” bailed out. Things are certainly [...]
Stockton, Calif., is set to declare bankruptcy as early as this week, according to local officials, a move that would make it one of the largest U.S. cities ever to file for reorganization.
On Monday, a state-required mediation with creditors to find a fiscal solution is scheduled to expire. Stockton’s City Council is then slated to meet Tuesday to decide whether to adopt a budget for operating in bankruptcy, a move [...]
Reserve Currency Of The World – But For How long? (McAlvany audio)
Japanese exports fall 2.2 percent in March
Silver is the new safe haven in China
Portugal raises $1.4 billion at debt auction (“3-month bills at an average interest rate of 4 percent, up from 3.7 percent at the last such auction in January”)
Austerity Chills the Ardor for Muni Debt
Spain pays higher yields in 3.4 bn euro bond issue
Orange County, California Bankruptcy of the Mid-1990s