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Among different issues, this plan established an ambitious set of fiscal and structural reforms, adequately funded pensions, and forecasted surplus ranges available for creditor negotiations. These included a number of financial collectors that held competing interests, together with labor organizations, retirees, unsecured creditors, dozens of presidency businesses and instrumentalities, and federal and local government officials. The limited money available additionally created a disaster that triggered the federal government to freeze public worker wages, raise taxes, underfund the retirement systems, reduce provides and other provisions to varsities and hospitals, and defer upkeep on vitality and water systems. Despite the monumental challenge, the EY group helped its client, the Oversight Board, and the Oversight Board’s different advisors navigate the unprecedented, difficult and at occasions heated restructuring negotiations. The Oversight Board, working with its advisors, including EY, started by developing and certifying a multi-year financial plan.
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