The Commonwealth of Pennsylvania may take control of the capital, Harrisburg, soon. In 2003 A garbage incinerator was marked for retro-fitting at a cost of $12 million. A botched contract job on the original redo then led to a series of escalating "solutions" and bond issues. $298 million dollars later, the State may take over the city. No one involved seems to have done the math on the capacity. At maximum operation the incinerator can only burn 800 tons of garbage a run. The price times the burn rate will no longer even cover the interest payment of $18 million a year. The annual interest is now 50% greater than the original outlay.
Change the millions to billions and add the insolvency of the larger entity and you have Europe.