Detroit To Default Today, "Shared-Sacrifice" To Follow

DOMINO'S ...

http://www.zerohedge.com/news/2013-06-14/detroit-default-today

Detroit To Default Today, "Shared-Sacrifice" To Follow
Submitted by Tyler Durden on 06/14/2013 - 11:58

And so the next casualty of the inevitable municipal collapse appears, which is, as expected, that one-time symbol of all that was right with a (once upon a time) manufacturing America, having since been replaced with the anti-symbol of all that is broken: Detroit. DETROIT BEGINS MORATORIUM ON ALL DEBT SERVICE PAYMENTS FOR UNSECURED FUNDED DEBT; DETROIT TO DEFAULT ON CERTIFICATES OF PARTICIPATION DUE TODAY. And, true to from in the New Normal America, where the "fairness doctrine" rules supreme under Big Brother's watchful eye, the premise of the upcoming glorious recovery is a well-known one: "the shared-sacrifice." To wit: "The City currently faces approximately $17 billion in total liabilities. Detroit is insolvent and cannot meet its financial obligations without a significant restructuring. Mr. Orr's plan provides for shared sacrifice among all creditor groups – from Wall Street and Main Street consistent with their legal rights – in order to return Detroit to a sustainable financial foundation and to permit much-needed reinvestment in the City." The punchline: "Detroit's road to recovery begins today"... By defaulting.

Coincidentally, Detroit has a well-known pizza chain named Domino's.
http://www.dominos.com

Oh....? Domino's are here in Australia too....will have to see what happens to them here!

Mr. Orr is persona non grata after suggesting that the dirty D sell its fine art collection, valued well north of 1 Billion (yeah that's a thousand million) dollars. Cheers!