Article for SNN

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Toshovoan government declares bankruptcy

---(Loncsev, Toshavo) - The worsening economic crisis in Toshavo has taken its toll on the nation's federal government. Due to failure of multiple large banks; and the total bailout of the nation's economy by OSEAN, the government can no longer pay its own debt and has defaulted on it.

In an emergency address by Prime Minister Dyrchenkov, he states "The failure to extend the debt ceiling has triggered a major financial rebalancing. Our federal institutions, and even international organizations recognize that we simply do not have enough money to cover our ever growing budget deficits. The economic crisis has not only affected our people... but our government."

"We must now put our faith and trust into the hands of OSEAN. While this unprecedented transition is not of our own interests, and while our administration initially did not want any international intervention, especially by a foreign entity; we realize that if our domestic situation cannot be solved domestically, we must turn to our allies."

"I have felt the anger amongst our citizens, workers and even our lawmakers. They too have suffered by our nation's losses. But... I must assure you: we can and must prevail in this present crisis. Our great nation has in the past has dealt with and preserved through even the most challenging obstacles... of war, political instability, military conflicts and disease. And we have not doubted our resolve yet, and never will!"

With this immense blow to the Toshavoan economy, experts say this is just the beginning of an even larger economic downturn to affect the rest of the world. Treasury Minister Jeorg Kuvakov states that "When, in time Osea's currency collapses, this will send shockwaves throughout Strangereal. We must now brace for implications of this event."