shadow

Cleveland licks its default but faces borrowing battle

Cleveland emerged from default Tuesday by refinancing past-due notes, but still faces a battle to regain the financial standing needed to reenter the bond market and rebuild its municipal services. A new series of notes from several banks supplied the funds needed to pay off six banks holding the defaulted notes.

of 5 stories this month > Get unlimited stories
You've read 5 of 5 free stories

Only $1 for your first month.

Get unlimited Monitor journalism.