Correct, that's one of the reasons why New York City got bailed out in the 1970s - everyone was scared of what it would mean if the city went bankrupt. NY stat

Correct, that's one of the reasons why New York City got bailed out in the 1970s - everyone was scared of what it would mean if the city went bankrupt. NY state can't declare bankruptcy, so even though it's in a similarly bad situation now, there's not the same urgency to fix the problems.