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April 29, 2016

Atlantic City on Verge of Default, Possible State Takeover
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Atlantic City is likely to default on a $1.8 million bond payment due
Sunday, making it the first New Jersey city to go into default since the
Great Depression. New Jersey Governor Chris Christie has proposed taking
over the city's operations, a move which would give the state power to
sell off city assets and break union contracts. Atlantic City Mayor Don
Guardian has pushed back against the state plan, calling it a "fascist
dictatorship."


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