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Rhode Island City Files For Bankruptcy (VIDEO)

08/02/2011 12:43 pm 0 comments

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Source: MSNBC

Central Falls, R.I. – The city of Central Falls, Rhode Island — one of a handful of U.S. cities and counties facing fiscal collapse in the wake of the economic recession — has filed for bankruptcy.

The Chapter 9 bankruptcy filing marks a symbolic blow as state and local governments struggle to pull themselves out of the recession.

The smallest city in the smallest U.S. state made the filing Monday as it grappled with an $80 million unfunded pension and retiree health benefit liability that is nearly quadruple its annual budget of $17 million.

To read this article in its entirety visit MSNBC.

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