Saturday, August 03, 2013

More Bankruptcies Won’t Solve Cities’ Crises

More Bankruptcies Won’t Solve Cities’ Crises - Bloomberg:
"That is why, despite their well-documented pension problems, the three recent California bankruptcies either didn’t seek (Vallejo) or aren’t currently seeking (Stockton and San Bernardino) pension cuts through the Chapter 9 process.
Detroit is seeking pension cuts in bankruptcy as a result of the state’s emergency-manager law, not the bankruptcy process itself."

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