Detriot’s Bankruptcy – bond holders and city workers recieving pensions, share pain

[ctr70]

http://www.economist.com/news/united-states/21579829-citys-default-spells-pain-creditors-employees-and-residents-iron-orr

Article from the Economist Mag on Detroit’s bankruptcy. Both bond holders and city workers will share in pain. If this approach is accepted, other cities may follow. This will mean city workers will have to take cuts in their pensions vs. just bond holders getting screwed and pensions going untouched. Makes more sense.

[patb]

seems like it should be treated on a par basis.

now maybe Detroit could give the pensioners each a house in detroit.

[Author]

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