Perhaps you should pay attention to how the statement is worded. CIB-173RDABN is correct, you shouldn't have to have that statement explained to you. It means that the only thing being "cleansed" by bankruptcy are the debts of the people owing the money. In other words the creditors are "cleansed" from the cities books. Nothing was said about the creditor's being given a good deal. They are screwed. The corruption that caused the debt, however, is still there and will only manifest itself again down the road, with the results of another bunch of creditor's being "cleansed" from the books. Got it now?
Creditors being cleansed......and creditors being cleansed from the city books - mean the OPPOSITE. Words mean things. A lack of words thus means something. The question I was asking was what is meant by “creditors being cleansed?” Had he/she said “creditors are cleansed from the books” the statement would have been correct, and I would have had no quibble with it.
English much? Got it now?
As for the corruption angle, I had no quibble with that from the get go....