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Bankrupt Californian city San Bernardino presented a new budget yesterday in which it proposed...

Bankrupt Californian city San Bernardino presented a new budget yesterday in which it proposed renegotiating its obligations to the Calpers pension fund as part of its restructuring. San Bernardino is being closely watched, as Wall Street bondholders have indicated that they plan to challenge Calpers' historical primacy as a creditor in bankruptcy cases.
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