2015-05-14bloomberg.com

``When Moody's Investors Service downgraded Chicago's debt on Tuesday to junk status, it deepened the city's financial crisis and elevated comparisons to the industrial ruin 280 miles to the east... Chicago's unfunded liability from four pension funds is $20 billion and growing, hitting every city resident with an obligation of about $7,400. Detroit's, whose population of about 689,000 is roughly a quarter of Chicago's, had a retirement funding gap of $3.5 billion, meaning each resident was liable for $5,100...''



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