Memo to Puerto Rico: Alabama County Shows Limits of Bankruptcy
Since emerging from bankruptcy in 2013, Jefferson County, Alabama is still dealing with many of the substantial and systemic financial problems that existed prior to its Chapter 9 filing in 2011. The government of Puerto Rico is urging Congress to now give them the opportunity to pursue bankruptcy. In an interview with Bloomberg, Jim Spiotto discussed the problems that municipalities face in a post-bankruptcy context.
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