Harrisburg woes spark fears of muni crisis

harrisburg-pennsylvania — State buildings in Harrisburg, PA

David Evans
29 Sep 2010

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Harrisburg, the state capital of Pennsylvania, narrowly avoided default on two general obligation municipal bonds in September, requiring a state aid package to meet its debt payments. The incident has prompted concerns over the creditworthiness of issuers across the US and speculation over the increased likelihood of a muni crisis

On September 1, Harrisburg announced it would be unable to meet a $3.29 million municipal bond payment due on September 15. Default looked likely until September 12

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