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In a Dec. 12, 2008 file photo, a pedestrian walks by graffiti in downtown Detroit. (AP Photo/Carlos Osorio, FILE)

NEW YORK (AP) — When Detroit became the biggest city in U.S. history to file for bankruptcy last month, it turned public attention to the municipal-bond market, where cities and states go to borrow money. Was this sleepy, often-overlooked area of the financial world actually dangerous?

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