Financial Strains: Finance Unit

Bankruptcy Protection Dept: Overall, I think it s going to be okay, he says with a shrug. This is the state capital. When you get down to it, it s a really nice city. , according to Globe and Mail. Harrisburg is one of only a small handful of U.S. cities that filed for bankruptcy protection in recent years. Robin Prunty, managing director of Standard a Poor s public finance unit, said she does not expect to see a significant increase in bankruptcy filings, but she expects more cities and towns will come under pressure to further cut costs because of falling revenues and mr. Palumbo knows that times are tough in the picturesque town of 47,000 overlooking the Susquehanna River. There are fewer cars parked in the local municipal lot, crime is on the rise and customers are scarcer. Despite these setbacks, he believes the city and his family business, which now includes six restaurants, will survive the turmoil. To some experts, Mr. Palumbo s optimism personifies the kind of resilience that will help U.S. cities weather the worst financial strains they have faced since the Depression. To others, it represents the kind of denial that has blinded citizens, politicians and investors to towering municipal debt levels that are eroding the quality of urban life Americans have taken for granted for decades. (www.immigrantscanada.com). As reported in the news.