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Commentary: No easy fix for Chicago's debt dereliction

from Investor's Business Daily

Chicago is in the throes of a New York-circa-1970s-style fiscal crisis. Abetted by Illinois' government, the Windy City is adopting one of the borrowing tools that helped New York get its finances in order: a complex municipal bond, structured to protect investors in a possible bankruptcy. But unlike New York, Chicago and Illinois are using this invention to delay reform. more


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