Word: bondses
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These banks are big enough to surmount the shock of default, but some banks outside the city-most of them small-could be in bad trouble. A federal survey found that 53 of the nation's 4,700 national banks hold New York City bonds equal to 40% or...
1) The re-floating of the city's debt, with full federal guarantees (comparable to the guarantees offered, say, on Puerto Rican bonds). The Treasury should peg the interest rate on these bonds to the fluctuating interest rate on the government's own notes, and set it about 1/4% to...
Dick Netzer, a member of board of directors of MAC, and dean of New York University's graduate school of public administration, told a standing-room only audience in Emerson Hall that failure to provide such a loan guarantee "would convert state and municipal bonds into assets with a real...
For those bonds that are sold, he said, state and local governments would have to pay higher interest rates to compensate for the greater risk to investors, thus reducing their revenue bases.
On the other hand, Netzer said the direct cost to the U.S. Treasury of providing a loan guarantee would be fairly small. "Mostly, federal intervention would serve to boost confidence in the city's municipal bonds," he explained. "After all, it is one place where repayment of creditors can be...