Much as Brazil is the poster child for the great EM unwind unfolding across emerging economies from LatAm to AsiaPac, Illinois is in many ways the mascot for America’s state and local government fiscal crisis.
Although well documented before, the state’s financial troubles were thrown into sharp relief in May when, on the heels of a state Supreme Court ruling that struck down a pension reform bid, Moody’s downgraded the city of Chicago to junk. Continue reading “Illinois Pays Lottery Winners In IOUs After $30K/Month Budget “Guru” Fails To Produce Deal”