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(Reuters) — In contrast, the decision by three bankers to stop underwriting New York City’s debt in its mid-1970s fiscal crisis forced politicians, business leaders and public employee unions to accept painful solutions, he said.

“Strangely enough, the financial community is willing to lend the state all kinds of money — they have 20-odd schemes they are suggesting to Albany and the legislature about how the state can borrow money,” Ravitch said at an Association for a Better New York breakfast.

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