The subnational debt market in some developing countries has been going through a notable transformation. Private capital is emerging to play an important role and subnational bonds increasingly competing with traditional bank loans.
Mitt Romney's career at Bain Capital provided him a lot of experience with bankruptcies. So, it was natural that, as the Obama team was considering a rescue package for the auto industry, Romney reached into his old bag of tricks.
If there is one thing that most Americans might agree upon it is that the debt collection industry and the work it performs ranks in status somewhere below that of a Wall Street Banker and slightly above that of a U.S. Congressman.
After every financial debacle or war, there is a huge political struggle over whether creditors get to stand in the way of an economic recovery. Greece is the poster child for this dilemma, and the Greek story reveals the real villain of the piece.