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Jan. 23 (Bloomberg) — Michigan would pay $350 million over 20 years to reduce bankrupt Detroit’s pension liabilities under a deal struck by Governor Rick Snyder and lawmakers.

The money would be in addition to $330 million that nine foundations pledged through bankruptcy-court mediation to reduce city pension cuts and to shield Detroit’s art collection from a sale to pay $11.5 billion in unsecured debt. The money should be linked to a broader settlement that would protect the masterworks, Snyder said yesterday at news briefing in Lansing.

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