First Puerto Rico, Now Atlantic City? Mayor Holds Press Conference Ahead Of Looming Default – Live Feed
by Tyler Durden
ZeroHedge.com
05/02/2016
Just a day after Puerto Rico’s governor pulled the default rip-cord, the clock is ticking for Atlantic City Mayor Don Guardian.
The city must decide today whether to pay a $1.8 million debt obligation, or be the first New Jersey municipality to default since the Great Depression.
According to the Press of Atlantic City, the city is expected to run out of money in a matter of weeks, and the short-term picture looks grim. Not only is a $1.8 million bond payment due today, but a $7 million payroll payment is set for Friday as well.
With the city sitting on $500 million in debt, and with budget deficits topping $100 million, default and perhaps bankruptcy looks imminent without a major bailout from the state.
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