I have no doubt that on the path we are on right now, Worcester will be filing for bankruptcy in ten-fifteen years.
The bankruptcy filing by the southern U.S. county will add to concerns about the risks in the $3.7 trillion U.S. municipal bond market, which was hit recently by the high-profile debt crisis in Pennsylvania's capital of Harrisburg.
In addition to Harrisburg, which filed for bankruptcy last month, just two other cities -- Vallejo, California and tiny Central Falls, Rhode Island -- have declared bankruptcy in recent years since the onset of the U.S. financial crisis.
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