Mayor Warns of Possible Bankruptcy
Posted on Jul 6, 2011 4:35pm PDT
The mayor of Woonsocket, Rhode Island is reportedly warning the city of possible bankruptcy. According to reports, the administration is negotiating concessions with unions to create a five-year plan to stabilize the city's finances, but if something goes wrong, the city could face entering bankruptcy. The city had reportedly ended the fiscal year at a $12.3 million deficit.
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