Reuters: Bankruptcy News: Fed's Bullard says Detroit bankruptcy a 'tragedy'

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Fed's Bullard says Detroit bankruptcy a 'tragedy' Aug 2nd 2013, 19:12 Fri Aug 2, 2013 3:12pm EDT Aug 2 (Reuters) - St. Louis Federal Reserve President James Bullard said on Friday that "it was a tragedy to see a great American city declare bankruptcy" when Detroit filed in July. Bullard's comments came after a municipal finance conference in Boston at which he was the keynote speaker. "Declaring bankruptcy is no panacea," he said, adding that other struggling local governments should avoid it if possible. "It is not a solution. It is a mess."

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