US Muni Headlines
· US states struggle in shadow of Greece – FT – the eco downturn as “decimated” tax
collections, “ripping” large holes in budgets. Similarities have been drawn between US
states and some eurozone members because they are grappling with an global economic
slowdown and large budget deficits FT http://www.ft.com/cms/s/0/8c08eb5a-224f-11df-
9a72-00144feab49a.html
· California’s assembly passed a bill that permits the state to delay payments to programs to
avoid running out of cash (the move is aimed at boosting confidence in CA muni debt – recall
the state was forced to delay a bond sale earlier this week b/c this measure hadn’t passed) –
Bloomberg
· NY State faces a cash shortage in Mar; the state expects to delay ~$1.4B worth of
payments state budget director Robert Megna said – Bloomberg
· JPMorgan muni strategy note - Problems in the sovereign debt market are spreading. We
compare the fiscal challenges and makeup of US state and local entities to that of sovereign
governments such as Greece. Alex Roever
· JPMorgan Muni update – conf call - Tuesday, March 2, 2010 at 4:00 pm EST Duration: 30
minutes Topic: update on the Municipal sector with a focus on comparisons between US
state and local government's fiscal condition relative to sovereigns such as Greece Speakers:
Alex Roever and Chris Holmes of the Municipal strategy team.
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