Puerto Rico will default on a $422 million bond payment for its Government Development Bank, escalating what is turning into the biggest crisis ever in the $3.7 trillion market that state and local entities use to access financing.
Larry Davis and Rick Lusk are either stupid
or so over committed/extorted/blackmailed or whatever to object
to what the financially illiterate on City Council are proposing
The GDB missed payment may open the door to larger and more consequential defaults on general-obligation bonds, which are protected by the island’s constitution. Puerto Rico and its agencies owe $2 billion on July 1, including $805 million for general obligations. It also could imperil slow-moving efforts by U.S. lawmakers to resolve the biggest crisis ever in the tax-exempt market.
The cost of anything the City of Greensboro proposes
is now more exponentially more expensive
The non-payment by the GDB alone will push the amount of outstanding munis in default up by 44 percent, to $23.6 billion from $16.4 billion, according to a tally from Municipal Market Analytics.
The current amount of variable debt the City of Greensboro holds
is soon to be unsustainable with refinancing considered over the long term
That would make 0.64 percent of the $3.7 trillion market in default, up from 0.44 percent.
http://www.bloomberg.com/news/articles/2016-05-01/puerto-rico-will-default-on-government-development-bank-debt
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The City's assumptions are wrong, as they have been since 2008
Now we have the economic impact of HB2 to consider on Greensboro's economic situation
and credit rating
After the state loses its AAA credit rating from lost tourism etc...,
none of North Carolina's city's can still be AAA rated
A few dumb fuck redneck bigoted neglegent legislators
are going to cost us a shitload of money in interest payments over the next decade,
and no municipality can say they didn't see it coming
