Hints and tips:
...Israel has also turned to individuals and municipalities to raise debt....
...Recovery values for bondholders have since fallen as municipalities confront billions of dollars of unfunded pension liabilities and other retiree obligations....
...Gerb controls three-quarters of municipalities and local government officials have ensured that EU largesse is spread as widely as possible, especially in regions of high unemployment....
...The potential reduction of pension assets also empowers states and municipalities in their negotiations with employees, probably accelerating long and contentious attempts to shore up public finances and...
...A federal judge this week allowed Stockton’s bankruptcy to proceed, over the protests of creditors....
...The plaintiffs, who could number 100,000, have lost thousands of dollars each, says their Alabama-based attorney, John Sharbrough....
...In spite of bankruptcy filings by municipalities such as the city of Stockton, California, and Jefferson County, Alabama, fears that hundreds of town and cities would fail financially have yet to materialise...
...Jefferson County, Alabama, last year filed the largest municipal bankruptcy in terms of debt. But fears of sweeping local failures have yet to materialise....
...applicable to municipalities....
...An imminent bankruptcy for Jefferson County, home to Birmingham in Alabama, which would have been the largest filing for a US municipality, was averted on Friday when the state governor convinced local officials...
...Jefferson County, Alabama, the symbol of local financial troubles in the US, has capitulated....
...“They don’t want a municipality to become a rogue and create a contagion, increasing the cost of borrowing of the state and other municipalities.” In Harrisburg, some are breaking ranks....
...Jefferson County, home to Birmingham in Alabama, is negotiating concessions with its bondholders to try to sidestep a bankruptcy filing....
...The Alabama county and news this week out of Montebello, California show how local finance dramas can be every bit as complicated as those of sovereign’s....
...In Alabama, the Poarch Creek Indians work with local government on a variety of issues, including police protection, roads....
...Larry Langford, the former mayor of Birmingham, Alabama, was sentenced to 15 years in prison for his role in the Jefferson County case....
...But the story of Italy (or Alabama) shows that this two-tier distinction is nuts....
...If Bloomberg’s knowledgeable person is right, this may just be the last straw for banks as far as selling derivatives to municipalities is concerned....
...Related links: Doubts over Deutsche and Deloitte’s derivatives dealings – FT Alphaville Investment banks, munis and derivatives, redux – FT Alphaville Alabama and Milan make bankers nervous – FT...
...financing business in Jefferson County, Alabama....
...of the fiscal crises faced by many US states and municipalities (see, for instance California and Jefferson County, Alabama)....
...Jefferson County is one of the most indebted municipalities in the US due to its expensive overhaul of its sewage system....
...Of course, this is just the latest incidence of an institution or municipality losing millions on interest rate swaps arranged by major investment banks, with a blow-up in Harvard and Jefferson County, Alabama...
...The SEC is also investigating possible fraud by JPMorgan in the sale of swaps to Jefferson County, Alabama, that have pushed it to the brink of bankruptcy....
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