Jefferson County, Alabama to file for largest municipal bankruptcy
This is probably more of a one off municipal bankruptcy but its sure to grab some headlines if Italy gives it a chance.
James O’Toole @CNNMoney November 9, 2011: 7:25 PM ET
Downtown Birmingham, in Jefferson County, Alabama.
NEW YORK (CNNMoney) — Alabama’s Jefferson County is set to file for the largest municipal bankruptcy in U.S. history after commissioners failed to approve a settlement on the county’s billions in debts.
Plagued by budget woes, Jefferson County had narrowly avoided filing for bankruptcy in September after reaching a deal with creditors on the billions borrowed for a sewer project. On Wednesday, however, county commissions decided that the debts had become unsustainable.
via Jefferson County, Alabama to file for bankruptcy – Nov. 9, 2011.