British Bank Barclays Tries To Aquire Detroit. City Council Blocks Deal.
This is the new future. British Banks coming in giving direct loans to cities that have gambled in the Credit Swaps Market. Why British Banks. Because the Swap Market is done offshore, and all offshore banking is owned by the British Commonwealth, and all funds end up in London. Barclays is just offering a loan to cover the already outstanding loan.
There’s no such thing as a good deal when you’re bankrupt.
…
That’s why the deal to settle a disastrous Detroit credit swap from 2005 was necessary — a $350-million loan from Barclays would have paid off the swaps, given the city access to capital for operational improvements (new computer systems, for example), all at a much lower interest rate, 3.5% compared with the 6.3% Detroit is now paying. Settling the swaps would also free up $11 million a month in casino revenues that are tied up paying the debt.
The Detroit City Council voted down the deal and says it’s considering an alternate proposal from an unnamed bank. More likely, the state’s emergency loan board, stacked with appointees of Gov. Rick Snyder, will approve the Barclays deal.
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