US municipalities wary of two-way CSAa

Cornered on collateral

carlos-rodriguez

The European sovereign debt crisis has been the major focus for bond investors and risk managers for much of this year, but another, less high-profile fiscal crisis is playing out on the other side of the Atlantic. US states are struggling to cope with whopping budget deficits – and with the domestic economy showing signs of a slowdown in recent months, things are unlikely to get better in the short term.

According to the Fiscal Survey of States, published in June by the Association of State

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