NYT: Recalling New York at the Brink of Bankruptcy

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Look back from December, 2002, to the city's worst fiscal crisis ever in 1975 (interesting that it was unions which played a pivotal role in helping to save the city):

How close was New York City to bankruptcy in 1975?

So close that the city's lawyers were in State Supreme Court filing a bankruptcy petition.

So close that police cars were mobilized to serve the papers on the banks.

So close that aides to Mayor Abraham D. Beame had written a statement announcing the default along with an emergency effort to save the city's dwindling cash for vital services like police and fire protection.

http://www.nytimes.com/2002/12/05/nyregion/recalling-new-york-at-the-brink-of-bankruptcy.html

There are lessons here for Greece, IMO.

[PoliticAverse]

1. I lived in NYC at the time, they really wanted a Federal bailout with all kinds of dire predictions

of what would happen if they didn't get one. The administration refused, leading to a famous "Ford to City: Drop Dead"
headline in the NY Daily News. The refusal forced the State of New York to bailout the City with the creation of the
"Municipal Assistance Corporation" and long-term loans.

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2. If the Troika refuses to budge, Greece could turn to China

or Russia for a similar arrangement. I'm certain the Eurozone doesn't want that because if Greece does that successfully, then Spain and Portugal and perhaps Italy could attempt it, as well.