[IWE] Massachusetts can't borrow money
Jay Mehaffey
iwe@warhead.org.uk
Wed, 1 Oct 2008 06:48:36 -0700 (PDT)
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http://www.boston.com/business/articles/2008/09/30/unknown_terrain_for_economy/
>In an example of how fragile credit markets have become, the state of
>Massachusetts yesterday tried to borrow $400 million to make its
>routine quarterly local aid payments to cities and towns. State
treasury
>officials said the credit markets abruptly froze midday,
leaving them $170
>million short. The state will have to use its own
funds to complete the local
>aid payments, draining the state's balance
to extremely low levels.
A good example of the problems that are springing from the current credit
crisis. If the credit markets remain frozen, there are a lot of organizations
that are going to have problems because they are used to using short term
credit to cover day to day expenses.
Jay
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<html><head><style type="text/css"><!-- DIV {margin:0px;} --></style></head><body><div style="font-family:times new roman,new york,times,serif;font-size:12pt"><div>http://www.boston.com/business/articles/2008/09/30/unknown_terrain_for_economy/<br>>In an example of how fragile credit markets have become, the state of<br>>Massachusetts yesterday tried to borrow $400 million to make its<br>>routine quarterly local aid payments to cities and towns. State
treasury<br>>officials said the credit markets abruptly froze midday,
leaving them $170<br>>million short. The state will have to use its own
funds to complete the local<br>>aid payments, draining the state's balance
to extremely low levels.<br>A good example of the problems that are springing from the current credit<br>crisis. If the credit markets remain frozen, there are a lot of organizations<br>that are going to have problems because they are used to using short term<br>credit to cover day to day expenses.<br><br>Jay<br><br></div></div><br>
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