Speculative assumptions about [Detroits] long-term debt are irrelevant to the question of bankruptcy, which is a matter not of eventual long-term debt, but of cash flow shortfall, currently pegged at $198 million. The Demos report argues that [t]he biggest contributing factor to the increase in Detroit’s legacy expenses is a series of complex deals it entered into in 2005 and 2006 with banks. The deals made with Detroit are widely regarded as suspicious.
Posted on: Wed, 30 Jul 2014 17:58:39 +0000
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