Wallace Turbeville on Detroit's Credit Mediations

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On Money with Melissa FrancisDemos Senior Fellow Wallace Turbeville discussed the start of Detroit's credit mediations over the city's assets. Turbeville explained that such bankruptcies are more of cashflow problem, with asset negotiations being a sideline issue. 

"Some of the real questions, and bigger questions, are on the side of interest rate swaps, where they've paid off $1 billion worth of interest rate swaps for $500 million already. They'll have another termination payment somewhere in the area of $350 million."

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