By most accounts, the worst of Philadelphia's fiscal crisis is over. By some accounts, that means prospects for long-term reform have dimmed.

Some investors and analysts worry that the reform movement, born when a routine note sale disintegrated in the summer of 1990, will wither without the atmosphere of immediacy that near-bankruptcy can generate.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.