Rising fixed costs for health care and pensions have been driving Hartford’s fiscal challenges. The city is on the hook for nearly $180 million in payments for debt service, health care, pensions and other costs for the current fiscal year. That is more than half of the city’s budget, excluding education.
Hartford’s officials said the city has a debt problem. The city said its law firm of Greenberg Traurig LLP will engage in negotiations with its bondholders and asked the state for its support.
“Our bondholders understand that our debt burden is unmanageable,” city officials said in the letter. “They will need to be part of the solution today, through a serious, sustainable, long-term debt restructuring.”
https://www.wsj.com/articles/hartfo...cy-unless-state-provides-a-bailout-1504800558
keep giving public sector employees unsustainable sweetheart deal ....
Hartford’s officials said the city has a debt problem. The city said its law firm of Greenberg Traurig LLP will engage in negotiations with its bondholders and asked the state for its support.
“Our bondholders understand that our debt burden is unmanageable,” city officials said in the letter. “They will need to be part of the solution today, through a serious, sustainable, long-term debt restructuring.”
https://www.wsj.com/articles/hartfo...cy-unless-state-provides-a-bailout-1504800558
keep giving public sector employees unsustainable sweetheart deal ....