Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Harrisburg Default Hits Municipal Bond Market

Wednesday, September 1, 2010 - 5:34 AM
From the Wall Street Journal:
Pennsylvania's capital of Harrisburg said it will skip a $3.29 million municipal-bond payment due in two weeks, marking the second-largest general-obligation municipal-bond default this year.

The city's inability to make the payment, which is expected to be covered by its bond insurer, may feed worries about parts of the $2.8 trillion municipal-bond market, particularly bonds issued by smaller entities that may have fewer resources than states or larger governments.

4
Ken TuminKen Tumin5,473 posts since
Nov 29, 2009
Rep Points: 125,800
Reply