Muniland News Tsunami

The muniland news filters are being hit by a tsunami this afternoon:

Patriot/News: Harrisburg debt insurer rejects City Council proposal with city days away from state takeover

Bloomberg/WashPo: Jefferson County, Ala., wins initial bankruptcy hearing approval from court

Reuters: The Sharks Circling Harrisburg

Trib: Allegheny sewer project at estimated $6 billion

Bond Buyer: Jefferson County Finally Files for Bankruptcy

SF Examiner: Accounting rules hurt public pension reform

Guardian(UK): Fears grow over US pension crisis as Rhode Island’s debts are laid bare

and it flows with all that a bit. PG: Citing a lack of support, Onorato yanks proposed UPMC bond

Quick.. find all the other Hospital Authorities in Pennsylvania in this:

Life after default

No… I don’t do macro. More micro defaults:

The city of Vallejo California is exiting out of chapter 9 bankruptcy soon, all while Jefferson County, Alabama plays hardball with its bondholders in its bankruptcy.

As I pointed out in the past, by comparable metrics of debt per household, Pittsburgh is so far past where Vallejo was as it entered bankruptcy.. and that was before any of the latest developments were factored in.