Quote:
China has uncovered 531bn yuan ($84bn; £54bn) of irregularities in local government debts.
The National Audit Office said breaches included "irregular credit guarantees", "irregular collateral" and "fraudulent and underpayment of registered capital".
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http://www.bbc.co.uk/news/business-16405253
I hope they'll still be able to bail the rest of us out...
