Credit Writedowns Sun 2010-05-09 09:06 EDT
Guest Post: Possible Misunderstandings about Municipalities and their Bonds
Problems of state and municipal finance worsen. Governors announce new spending cuts at press conferences but inspire little confidence. The fury of emergency announcements leaves the listener (as well as the governors) in a daze. Research reports offer broad explanations but have left bondholders, as well as employees and local residents, unprepared for discontinuities. In other words, there will be instances when these constituencies will find themselves marched to the slaughterhouse without warning...
bonds; credit writedowns; Guest Post; municipalities; Possible Misunderstandings.