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

Puerto Rico stays in election headlines

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‘Foreign law’ bondholders seem to be losing the current round of the debt crisis, says John Dizard

Interactive

Detroit ©Getty
The decline of Motown’s home in charts
– FT Data
US federal budget cuts
Governments of the 50 states are grappling with the effects of the recession on their funds

Kentucky, home to worst-funded US pension

The state has one of the largest retirement funding holes

Puerto Rico debt bill passed by House

Emergency measures head for Senate as island faces $2bn payments

US lawmakers break Puerto Rico deadlock

Republicans and Democrats to push emergency debt bill

Lew warns time running out in Puerto Rico

US Treasury secretary stresses need for rescue package

Puerto Rico’s looming disaster

US Congress must pass a bill to allow restructuring of island’s debts

Detroit: Battle for the soul of Motown

Investors are pouring money into Detroit property but it is worsening the plight of the poor

Puerto Rico suffers significant default

Governor had declared debt moratorium on obligations due

Vultures lose their taste for Puerto Rico

John Dizard is mired in the legal mud of the island’s debt restructuring

Flag of Puerto Rico at Capitolio, San Juan ID 41750618 © Wangkun Jia | Dreamstime.com Flag of the Commonwealth of Puerto Rico in front of Capitolio, San Juan, Puerto Rico. Extrasmall 480x320px 6.7" x 4.4" @72dpi compute
©Wangkun Jia/Dreamstime

Explainer: Puerto Rico’s debt problems

How did an island of just 3.5m people amass $70bn of liabilities?

US public pensions crisis looms large

Huge problem of underfunding is crippling many cities and states

Chill wind buffets Emanuel in Chicago

Budget stand-off compounded by mistrust of authorities

US pension funding gap is political issue

Underfunding is not 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

Puerto Rico may have more freedom than US Congress supposes

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

US public pension deficits squeeze cities

Some retirement schemes might not be able to pay out in future

Pension fears cloud municipal debt market

In a crunch, politicians favour voters OAPs over bondholders

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