Retiree health care benefits are a major part of the problem as is declining mail volume. Why mail a letter when you can email or text someone? They are threatening to default if Congress doesn’t allow them to put less than the mandated amount into their health care fund. This is a California-style desperation move, [...]
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Bloomberg states the obvious Unlike other nations, including the U.S. and Ireland, which injected billions of dollars of capital into their financial institutions to keep them afloat, Iceland placed its biggest lenders in receivership. It chose not to protect creditors of the country’s banks, whose assets had ballooned to $209 billion, 11 times gross [...] California Fiscal Outlook. LAO Like a heroin addict needing one last fix, California wants to stop. But, just one more injection of that sweet bond income and then tomorrow it’ll get its financial house in order, really, that’s a promise. California has huge debt and obligations it cannot possibly meet, and default is inevitable, [...] CMA Vision The CMA Sovereign Risk Monitor identifies and ranks the world’s most volatile sovereign debt issuers according to percentage changes in their 5 year CDS. Illinois’ accomplishment is impressive indeed, especially considering Iceland had their entire banking system self-destruct not so long ago. [...] This is making banks and lenders across the planet quite twitchy and could be the biggest sovereign debt default since Argentina in 2001. Abu Dhabi won’t backstop the debt and the price of credit default swaps for Dubai’s debt is is now greater than that for Iceland (which means big players think Dubai is [...] |  | ||||
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