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New York’s Boost for Chinese Creditors

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https://www.wsj.com/articles/albany-progressives-new-york-sovereign-debt-private-creditor-7d1d0f4

 1. Opinion
    
    --------------------------------------------------------------------------------

 2. Review & Outlook




NEW YORK’S BOOST FOR CHINESE CREDITORS


ALBANY PROGRESSIVES WANT TO MESS WITH THE SOVEREIGN DEBT MARKET.

By The Editorial Board

May 31, 2023 6:41 pm ET
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Journal Editorial Report: The big northern cities can't stop losing people.
Images: AFP/Getty Images/Reuters Composite: Mark Kelly

It isn’t easy keeping up with the progressive follies in Albany and Sacramento,
but someone has to do it and that means us. The latest New York howler is an
attempt to upend the $70 trillion global sovereign debt market by capping
private creditor recoveries when low-income countries default. This is as
destructive as it sounds—but China will love it.

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