Munich declares it's bankrupt

http://abc.net.au/news/newsitems/s615905.htm

Thursday, July 25, 2002. Posted: 08:07:47 (AEDT)

Munich declares it's bankrupt
The German city of Munich, considered one of Europe's wealthiest regional capitals, has declared itself bankrupt.

City authorities have blamed late payment of taxes and a biting economic slowdown.

The Bavarian capital is home to eight of the Frankfurt stock exchange's 30 largest companies, including car maker BMW and electronics giant Siemens.

Despite being based in the city, the firms pay little or no local corporate tax.