The Forum: Governments Gone Bust: Addressing and Avoiding State and Local Fiscal Crises





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Published on Jan 26, 2012

States and localities face severe fiscal distress, as revenues sink and obligations to creditors and pensions consume budgets. Who is to blame for the crises that many governments face, and who should bear the losses if states and municipalities cannot pay all their obligations? Residents? Bondholders? Unions and pensioners? In the January 25 Milbank Tweed Forum, panelists discussed these pressing and contentious issues.

Jonathan Ballan, Member, Mintz Levin Cohn Ferris Glovsky and Popeo
Richard Ravitch, Co-chair, Volcker-Ravitch Task Force on the State Budget Crisis
Lillian Roberts, Executive Director, District Council 37, American Federation of State, Country & Municipal Employees

Clayton Gillette, Max E. Greenberg Professor of Contract Law, NYU School of Law

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