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One of the world’s largest cities could go bankrupt, and it’s in the US

MARCH 11, 2019 | by Douglas McIntyre | 24/7 WALL STREET

New York City was on the brink of bankruptcy four decades ago. Mayor Abraham Beame had even prepared a statement to announce it. A group of financiers and union leaders pulled together a plan to use union pensions to back loans to the city. … Finally, as part of the formula that could wreck New York’s finances, the top 1% of the city’s wealthy based on earnings are half the city’s tax base.

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