Pension, borrowing choices later hit museums, arts groups
(MCT) Borrowing and spending on the assumption that more money and visitors would follow was not the only financial risk many cultural institutions took. They also put off pension payments and borrowed at unpredictable interest rates.
Those choices allowed museums and arts organizations to pay less up front but ended up costing them more in the long run. It also made it harder to restructure their debts when times got tough.
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