Northeast

New York City's economy faces severe risks from the European debt crisis, city Comptroller John Liu and New York State Comptroller Thomas DiNapoli said in separate reports on Thursday.

A federal judge late Tuesday afternoon denied an appeal by the Harrisburg, Pa., City Council of a ruling that invalidated its bankruptcy filing.

Two years ago, when Gina Raimondo was deciding to run for Rhode Island general treasurer, she saw a newspaper article about budget cuts affecting libraries in Providence and Cranston and bus service on nights and weekends.

The Harrisburg City Council will appeal a federal judge's ruling that invalidated the bankruptcy filing of Pennsylvania's capital city, according to its attorney.

A federal court in New Jersey has approved a $46 million settlement between Wachovia Bank NA, now Wells Fargo Bank NA, and the Securities and Exchange Commission over bid-rigging of municipal-bond related contracts as well as the amounts of restitution that are to go to each of the almost 60 state and local issuers that were defrauded.

Moody's Investors Service late Monday downgraded the general obligation bond rating of East Providence, R.I., three notches to Ba1 from Baa1, affecting about $22.4 million of outstanding debt.

Pension overhaul in Rhode Island has prompted the municipal finance advisor PFM Group to open an office in Providence.

Dana Levenson jumped at the chance to be chief financial officer of the Massachusetts Department of Transportation.

New York City didn't get the 2012 Summer Olympics, but the bid spurred projects that it needed, anyway.

The Port Authority of New York and New Jersey's Board of Commissioners has approved a preliminary $7.1 billion combined operating and capital budget for fiscal 2012 amid complaints that the agency overspends on World Trade Center redevelopment at the expense of bridge, road and tunnel improvements.