Ellie has written extensively on public finance and the economy of troubled cities and states. She covered the public debt crisis in Puerto Rico, the notorious city-bankruptcies of Stockton and San Bernardino in California, Michigan’s troubled school districts’ financial problems and the public pension crisis across the U.S.
Cities and States in trouble
The next Greece may be in the US: Pensioners are battling with muni bond investors | Once a sleepy corner of the municipal bond market — often not even properly reflected on cities’ balance sheets — public pensions have recently turned into the biggest headache for taxpayers and municipal-bond investors, threatening to bring down the finances of U.S. cities and states.
The U.S. has its own ‘oil curse’ | The term “oil curse” — coined to describe petro-rich developing countries where the “black gold” came with the heavy price of economic and political instability — is now being adapted for use in the U.S., where “petrostates” and cities are seeing shrinking tax revenues, budget deficits, negative credit ratings, rising unemployment and even outright recession as oil prices have fallen.
Stockton Pensions Dodge Bankruptcy Bullet, But Future Retirees Beware | The thought of cutting pensions in a city bankruptcy used to bring up only one response: “no way.” That concept of pension supremacy has been left teetering after developments in the closely watched Stockton, California, bankruptcy case.
Puerto Rico’s financial meltdown
The Next Financial Catastrophe You Haven't Heard About Yet: Puerto Rico | Until recently, Puerto Rico was an investors’ tax heaven, renowned for its sandy beaches and killer rum. But the island is in dire financial condition and thousands of U.S. mom-and-pop investors may lose a big part of their savings if the small territory goes bankrupt.
Wall Street Waits While Statehood Debate Handcuffs Puerto Rico Decision Makers | Puerto Rico has become much more than a vacation destination for anyone who invests their money on Wall Street, plans for retirement using pension funds, or even pays taxes.
3 things to know about Puerto Rico’s debt crisis | Puerto Rico managed to make a $645.2 million payment on its general-obligation debt Wednesday, but the cash-strapped U.S. territory remains on a path to restructuring, as Gov. Alejandro Garcia Padilla has established a group of senior officials to negotiate a debt moratorium with bondholders.