LA Times: For Scranton residents, bankruptcy is an inviting option

Everyone but the politicians (and the municipal union officials) get this basic fact:  Scranton is already, functionally bankrupt; all that's left is the legal designation.

How widely known is this?  Well they know it Los Angeles.

LA Times Article:  Scranton & Bankruptcy.

Granted, this is not the most flattering picture of the city, and I don't think that the properties shown on the webpage are actually in Scranton.  However, the basic facts are true:

• The city's revenue comes no where near matching operating expenses.
• The city has to borrow to meet operating expenses.
• Basically no one (other than a union-owned bank) will lend the city money. 
• The city can not afford court judgments against it.

If the above isn't the very definition of "municipal bankruptcy", then what is?