Expect more U.S. cities to face bankruptcy like Detroit, former New York Lieutenant Gov. Richard Ravitch told CNBC's "Street Signs" Thursday.
"There are many more [cities] that are facing enormous fiscal squeezes… who are cutting education, cutting infrastructure investments and borrowing as long as the bond market permits," he said.
Ravitch, who is advising Detroit's bankruptcy judge, wrote about his prediction in an op-ed in the Wall Street Journal last week.
"We can expect to see more Detroits," he wrote.
to read more: cnbc.com
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