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Detroit, two banks reveal details

A view of the Detroit skyline is seen looking south up Woodward Avenue in Detroit, Michigan July 19, 2013. REUTERS/ Rebecca Cook
A view of the Detroit skyline is seen looking south up Woodward Avenue in Detroit, Michigan July 19, 2013. REUTERS/ Rebecca Cook

DETROIT (WKZO) -- Details are being released on the agreement between the City of Detroit and two banks to pay off a controversial 2005 interest-rate swaps deal. UBS and Bank of America will reportedly be paid 85-million dollars to settle 293-million dollars of debt. The swaps are costing the city about five-percent of its annual budget, or nearly 50-million dollars a year.

Two previous settlements, the first for 230-million and the second for 165-million, were both rejected by U.S. Bankruptcy Judge Steven Rhodes. He said the deals were too generous.

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