and seems relatively small credit...no clue if Syncora has any exposure
Earley said Flint’s budget deficit is about $12.9 million, and that the city will have to come up with $5 million this fiscal year unless most retirees begin paying more for health benefits and foot higher deductibles and co-pays. While the bankruptcy risk remains until the case ultimately is settled, the city received a temporary reprieve last week, when a federal judge allowed it to implement cuts for the current fiscal year budget. While city officials expressed relief, “the real fundamental, underlying question about the ability of a municipality to alter retiree health care benefits has not been answered,” said Gerald Ambrose, Earley’s financial adviser.
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