Today's (June 26, 1995) Globe and Mail reprinted a piece from the NYT in which Joe Mysak, ediotr of Grant's Municipal Bond Observer did a flame. He's enraged that Orange County, one of the riches counties in the US, has opted for bankruptcy rather than undergo the local government equivalent of structural adjustment. (The article's sub-head is: Shan't Pay/ The California municipality betrays investors.) If Orange Country, which has tons of valuable assets, can do this and get away with it, why not Mexico and many other countries hobbled by endebtedness to international banks and investors? Curious minds want to know. Sid Shniad
