New York - The Big Apple

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…mid-1970s, when special financial entities (such as the Municipal Assistance Corporation) were created to keep the city from defaulting on its loans. The financial picture improved in the late 1970s and early 1980s, in part because outlays for city services were closely regulated. New York's financial affairs continued to improve in the 1990s under the Republican mayor Rudolph Giuliani, elected in 1993, who also introduced wide-ranging measures to reduce the city's once notorious crime rate.