Many buyers of New York City bonds say they have no plans to dump their holdings of city debt and believe Mayor Rudolph Giuliani will take all the steps necessary to close a fiscal 1995 gap that some monitors estimate at $800 million or more.

"People in the market have a lot more confidence in Giuliani" than is being portrayed in the media, said one fund manager who spoke on the condition of anonymity. "There's a perception that people in City Hall are doing the right thing."

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