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elleng

(130,152 posts)
Tue Apr 23, 2013, 02:20 PM Apr 2013

Oops! New York's Suffolk County Accidentally Defaults on Debt.

As if Suffolk County, home of the Hamptons and playground of the rich and famous on New York's Long Island, didn't have enough financial problems already.

A regulatory filing on behalf of the county dated April 16 shows it accidentally missed an interest payment on some of its debt, including $76.1 million of public improvement bonds, putting the county technically in default. Oops.

The county is wealthy with income per capita well above the national average but it has run into difficulty recently, declaring a fiscal emergency last year after an independent task force predicted a three-year deficit of $530 million.

The county could have a budget shortfall of as much as $250 million by the end of next year, local officials said last month.

http://www.nytimes.com/reuters/2013/04/23/nyregion/23reuters-newyork-suffolk-default.html?hp

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