Jefferson County, Ala., moves closer to default

Attempts to avoid the largest municipal-bond default in U.S. history were dealt a blow this month when two Wall Street banks ended swap agreements with Jefferson County, Ala.
MAR 12, 2009
Attempts to avoid the largest municipal-bond default in U.S. history were dealt a blow this month when two Wall Street banks ended swap agreements with Jefferson County, Ala. By ending the swap agreements, JPMorgan Chase & Co. of New York and The Bear Stearns & Co. Inc., which was acquired by JPMorgan last year, increased the amount of debt incurred by the county to upgrade its sewer system to nearly $4 billion. Creditors had agreed to a tentative rescue plan that would allow the county to get out from under $3.2 billion worth of bonds that carry variable interest rates, which have soared this year. County officials are considering the plan.

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