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US States are unable to declare bankruptcy.
by eyphka 7y ago
US States are unable to declare bankruptcy.
- jellicle 7y agoThey have no need to. They can simply repudiate their debts, as numerous states have done in the 1840s, 1868, and 1870s. Puerto Rico's problem is that it is neither fish nor fowl, neither a city which has a legal escape route through bankruptcy nor a state which has a sovereign escape route.