American Town declared Bankrupt could it happen here

rodento

Stockton, a califorian town of 300,000 has been declared bankrurpt

The city had already made big cuts in its work force and had wrung painful concessions out of the workers who remained. He cited rising drug trafficking and gang violence and said the police force and fire department had been reduced so much that any further cuts would put residents at an unacceptable risk. Even after all those cuts, he said Stockton had reached a point where the only way it could keep from running out of cash was by defaulting on its bonds

Basically the town services when cut back and trimmed down because of a massive pension bill which they couldn't cut

http://www.nytimes.com/2013/04/02/business/ruling-sets-stage-for-pension-battle-in-bankrupt-city.html?pagewanted=all&_r=0

Sound familiar???

Is this our future after Croke Park???

Geuze

Only people are declared bankrupt in Ireland, not companies / organisations.

Typically, maybe 10-30 people are delcared bankrupt by the courts each year.


Many local authorities in Irl have large debts, and run deficits.

What typically happens is they are bailed out by central Govt.

FearDark

Thanks for putting some text in red OP.