Detroit asks judge to approve $350M debt deal
The city of Detroit has asked a federal judge to approve a deal to borrow up to $350 million to pay off an interest-rate transaction from 2005 and to improve city services.
Join the discussion below, or Read more at Detroit Free Press.
#1 Nov 6, 2013
And whom is going to repay this debt?
Welfare queens, black drug dealers and illegal immigrants which make up most of the population of Detroit don't pay taxes.
and who else is still in town to repay this debt??
Can't wait to hear the answer to this question...
#2 Nov 6, 2013
The city is not without resources. They still collect substantial casino revenues to mention one source. Those would be pledged to meet this new obligation. It's much like refinancing a home loan. The city gets to exchange a 6% note for something costing far less, as low as 3.5%. That saves money. You can be fairly certain Barclay's has studied the situation and assured themselves that repayment will happen.
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