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Article: Citron presse: American municipalities. (bankruptcy of Orange County, California)
- Article from:
- The Economist (US)
- Article date:
- December 10, 1994
CopyrightCOPYRIGHT 1994 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OF ALL places, opulent and enterprising Orange County--the garden sprawl to the south of Los Angeles where the Californian Dream has been delivered in abundance to 2.3m residents--is the last to expect talk of a municipality defaulting on its debt. Yet that has become an eerie possibility since December 6th, when Orange County was forced to file for bankruptcy under Chapter 9 (the public sector's equivalent to Chapter 11) of the Bankruptcy Code. The move came just days after the county's treasurer, Robert Citron, admitted that Orange County's $7.7 billion investment pool--managed on behalf of 187 local communities and agencies--had lost $1.5 billion since the start of the ...
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