In the summer of 1975,which city was loaned money by the federal government and granted a three-year moratorium on municipal debt in order to stave off bankruptcy?

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New York City was loaned $2.3 billion by the federal government and granted a three-year moratorium on municipal debt in order to avoid bankruptcy. This was a significant event in the history of American cities facing financial crises in the 1970s.

In the Summer of 1975,which City Was Loaned Money by the Federal