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Comment: Pension and union advocates like to cite this trend to say, “See, see, bankruptcy is no solution,” their presumption apparently being that only evil capitalists would prefer bankruptcy. No, the point is to get municipalities back on a sustainable path. If bondholders take more of a hit than pensioners, tough — as long as a viable, fresh start results. In fact, pushing the losses to bondholders  exports the losses outside the community, if the municipality wants to look at it from its own perspective.

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