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

Detroit retirees back city bankruptcy plan

Vote caps months of talks with unions and bondholders

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

Orr hopes to steer Motown out of the blues

Detroit’s emergency manager believes city is ripe for reinvention

"The Wedding Dance" (c. 1566) by Pieter Bruegel the Elder is shown in this undated handout photo released to the media on May 24, 2013. Source: Detroit Institute of Arts via Bloomberg EDITOR'S NOTE: EDITORIAL USE ONLY. NO SALES.

Bankruptcy battle heats up for Detroit art

Bond insurer claims the city’s collection could reap up to $2bn

Bondholders hit in Detroit restructuring

Proposal expected to be challenged by creditors

US cities say Fed rule will hit budgets

Liquidity rule could hurt $3.7tn muni bond market

Puerto Rico cut raises fears over rally

Strong municipal bond performance may be hit after S&P move

State governor proposes $350m for Detroit

Funding deal would help pensioners and preserve art collection

Puerto Rico debt investors meet

Government says it will ‘take every step’ to meet its obligations

US urged to examine $4tn muni bond market

Funding practices in sector thrust into spotlight

$330m pledged to save Detroit’s art

Donations could help to repair bankrupt city’s finances

BlackRock steps into Detroit bonds fight

US group may join bid for bondholders to be paid before retirees

Detroit in power-sharing agreement

Plan to restructure city finances due early next year

Illinois passes pension reform

Reform addresses state’s unfunded liability

Judge clears way for Detroit debt talks

City’s bankruptcy seen as test for US muni bonds

Detroit’s library tells story of decline

Business thrives in city even as public services are cut

Puerto Rico counts cost of Detroit default

Borrowing costs at highest for four years

Chicago braces for first day of school

School districts across US making painful cuts

Detroit schools in muni offering

Michigan’s largest debt offering since city’s bankruptcy last month

Detroit creditors file objections

Pension funds are the largest unsecured creditors

Muni bond insurers target bankruptcy boon

Groups revived in anticipation of fresh demand after city’s fall

Muni sales volumes head higher

Welcome sign of stabilisation but price concessions likely

Systemic risk from Detroit played down

Foreign institutions hold less than 1% of US muni bonds

Detroit weighs garage sale of assets

City manager focuses on wringing concessions from creditors

Detroit takes hard line with creditors

Claims of dangerous precedent for bondholders dismissed

Details of Detroit’s woes come to light

Court hearing offers glimpse into mismanagement

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