From the article:
This is a desperate gamble that few cities would make if there were better options. Unfortunately, the pension crisis in many cities is so deep that mayors think there’s no better choice. Oakland, Fort Lauderdale, and the entire state of Illinois have all pursued this strategy, and many more cities are likely to follow. A few may get lucky, but more will fail, dragging their credit rating down with them.
But hey, at least Wall Street is making money.
Read the whole thing.