China Financial Daily

Government of New York City plans to lay off 23,000 people
Because of the financial tsunami and decline of income, Mayor Michael Bloomberg implement the plan to make both ends meet, so on Friday, Government of New York City announced to cut down one billion U.S. dollars (7800 million yuan) spending and lay off 23,000 people.

New York City depends on the profitability of Wall Street at a large extent, whereas the financial tsunami on Wall Street last year lost about 47.2 billion U.S. dollars (368.1 billion yuan). It is expected that the Wall Street will suffer heavy losses.

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