The Bond Buyer
Detroit, Like Stockton, Reveals Growing Tension Between Pensions and Bonds
Detroit won approval of its confirmation plan on Friday, November 7, 2014, and the outcome is highlighting the growing tension between pension obligations and bond debt for distressed governments. When interviewed by the Bond Buyer, Jim Spiotto noted that Detroit's treatment of its GO holders and revenue bond holders could cost the city millions of dollars in increased borrowing costs over the long term.
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