US municipal woes

The struggling finances of US states have been thrust into the spotlight in recent years after tax revenues fell sharply as a result of the economic slump, leading to gaping budget deficits throughout the country, severe spending cuts and, in some cases, tax hikes

US lawmakers break Puerto Rico deadlock

Republicans and Democrats to push emergency debt bill


Detroit ©Getty
The decline of Motown’s home in charts
– FT Data

Lew warns time running out in Puerto Rico

US Treasury secretary stresses need for rescue package

Puerto Rico suffers significant default

Governor had declared debt moratorium on obligations due

Chill wind buffets Emanuel in Chicago

Budget stand-off compounded by mistrust of authorities

US pension funding gap is political issue

Underfunding is neither impossibly large nor and unsolvable, says Hank Kim of the NCPERS

Lawmakers in race over Puerto Rico bill

Legislation aims to help island restructure $70bn burden

Puerto Rico may have own debt solution

The island’s longstanding Civil Code may encourage collective co-operation in $70bn debt battle

Puerto Rico sweetens debt proposals

Island races to secure deal on $50bn burden amid default fears

US faces ‘disastrous’ $3.4tn pension hole

Collective deficit three times larger than official figures

Puerto Rico passes debt moratorium bill

Governor granted power to halt payments to creditors

Puerto Rico opens 600 accounts

Move seen as quick fix for island’s Treasury to protect itself

Fed gives green light on US muni bonds

Regional treasurers had concerns banks would not buy their debt

US lawmakers act over Puerto Rico debt

Bill aims to set up oversight board to deal with $70bn burden

Court throws out Chicago pension reforms

Mayor Rahm Emanuel is seeking ways to plug a $20bn shortfall

Problems pile up for US public pensions

Funding deficits set to grow by hundreds of billions this year

Philadelphia urged to avoid Detroit fate

US city ‘not doing enough’ to tackle its $5.7bn pension deficit

Puerto Rico creditors make counter offer

Investors seek to avoid haircut while providing debt relief

Puerto Rico advances utility restructuring

Deal to cut Prepa’s $9bn debt seen as model for other entities

Puerto Rico to miss new year payments

Island is struggling under a $72bn debt burden

Hope for a new city amid Detroit’s blight

Much remains to be done to revive Motor City after its bankruptcy

Republicans float Puerto Rico default plan

Lawmakers insist there will be no bailout as debt payment looms

Supreme Court to hear Puerto Rico appeal

Island seeks reinstatement of law for utilities to shake up debt

Puerto Rico avoids defaulting on debt

Principal and interest payments due on certain notes paid

Puerto Rico utility finalises debt deal

Bondholders agree 15% haircut and receive newly securitised paper

Puerto Rico close to default precipice

Advisers see possible restructuring model in utility bond talks