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When CalPERS Meets Greece?
Pension Pulse 
[Opinion] Nov. 29, 2012
"[If CalPERS] manage[s] to secure pension payments ahead of unsecured bondholders, it could potentially rock the municipal bond market, making it more expensive for cities to borrow money. But if CalPERS loses this case, it opens up a Pandora's box as other municipalities will follow San Bernardino and suspend their pension payments. If that happens, CalPERS will have to make difficult choices, like drop or terminate city pensions. This isn't in anyone's best interest."
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