7 Cities Hit Hard by the Recession


03 June 2010 @ 09:06 am EDT

Seven U.S. cities, mostly in older, industrial areas, are facing economic problems similar to those of Greece and Spain.

Moody's Investor Services and Standard & Poor's have identified debt pressures in the following cities as particularly heavy:

  • Harrisburg, Pa.
  • Woonsocket, R.I.
  • Detroit
  • Pontiac, Mich.
  • Harvey, Ill.
  • Littlefield, Texas
  • Central Falls, R.I.

When cities default, vendors, such as road construction and garbage collection firms usually take a harder hit than bondholders because cities want to be able to borrow again.

Residents often feel the most pain, losing city jobs and services while being faced with higher taxes.

Most Popular Slideshows

  • Phillip Phillips: Things You Need to Know, His Girlfriend and His Victory at the American IdolPhillip Phillips: Things You Need to Know, His Girlfriend and His Victory at the American Idol [PHOTOS & VIDEO]

  • Existing Home Sales Jump, World Banks Lowers China Forecast, Euro Prepares for Greek Exit
  • 10. SwedenTop Ten Happiest Countries in the World in 2012 [SLIDESHOW]
  • Aishwarya Rai Wows at Cannes 2012Aishwarya Rai’s Weight Gain? Humbug! Here’s How She Wowed at Cannes 2012 [PHOTOS]
This article is copyrighted by International Business Times, the business news leader

Fatal error: Call to a member function popular_videos() on a non-object in /home/ibtimes.com/www/art/tpl/side_video.htm on line 12