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Dave Bing

How to Emerge from Default and Debt: Lessons from Cleveland

In December 1978, Cleveland, Ohio became the first in the United States to default on its debts since the Great Depression. The city, soon nicknamed “Mistake by the Lake,” owed six banks a total of $15 million. It took 22 months — and a new mayor, George Voinovich — for the city to regain financial […]

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