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What Does a Chicago Bankruptcy or an Illinois Bankruptcy End Game Look Like?

Chicago Daily Observer 9 May 2019 No Comment

How Are You Going to be Affected by this Mess?

The fiscal quagmires in Chicago and Illinois will cause significant problems for many people:

  • If you are a resident or business owner in Chicago or Illinois, this could affect your taxes and your property value. Services will also keep declining, which means fewer police officers and larger classroom sizes.
  • If you are a current or former employeeof the city of Chicago or the state of Illinois, this could affect your job, your salary, and your pension.
  • If you are a municipal bondinvestor who bought Chicago and Illinois muni bonds due to the juicy yields they provide, this could affect your ability to get 100% of your principal back.
  • If you are a municipal bond insurer, you might have a significant financial obligation if Chicago or Illinois default on their bonds.
  • If you are one of the cities and states across the country with similar pension problems as Chicago, this could raise the interest rate that you have to pay for the bonds that your municipality issues.
  • If you are a S. policymaker, this could create financial instability that might hurt the fragile U.S. economy.

In short, this is a problem will directly or indirectly affect a lot of people.

 

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