As jarring as the reality may be to accept, Detroit’s decision last week to declare bankruptcy should not be regarded as a one-off in the US municipal market – whatever the bond-peddlers are now telling their clients. The aftershocks of the largest municipal bankruptcy in US history will be staggering, and Detroit will set important precedents.
底特律上周决定宣布破产一事，不应被视作美国市政债券市场上的一个孤立事件——无论债券兜售者对客户怎么说。这令人难以接受，但事实就是如此。这起美国历史上规模最大的城市破产案将产生难以估量的影响，而底特律市也将创下重要的先例。
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