Study Finds Public Pension Promises Exceed Ability to Pay

(Hat tip: KimR) - When Detroit went bankrupt in 2013, investors were shocked to learn that the city had promised pensions worth billions more than anyone knew — creating a financial pileup that ultimately meant big, unexpected losses for Detroit’s bondholders. Now, researchers at Citigroup say the groundwork has been laid for similar conflicts across the developed world... Read more at the New York Times