It changes the default that local government exists to do various things that local government is required to do.
The chair of the Budget Committee, Alain Lamassoure agreed, warning that the EU was "virtually in default to local authorities, researchers and innovators".
For one, Dish Network or DirecTV might do a deal with Apple to offer consumers who normally default to their local cable company another reason to give them a try.
As tax revenues have fallen over the past three years of recession, and austerity became the default policy of local governments, the public sector has been steadily hemorrhaging employees and cutting back on services.
Cut public spending, increase local taxes, default, or seek federal bailouts.
FORBES: Just Say No To Federal Bailouts Of State Pension Funds
Moreover, Google itself provides local data for the default Maps app provided by Apple.
Green MSP Alison Johnstone called for local produce to be the default choice for public food procurement.
During his two-year tenure, he ran into conflict with local banks that resulted in financial default for Cleveland over his refusal to sell the city's municipal electric utility.
Mr. Van Dyk said local officials would have to make clear to bondholders their willingness to default if cost overruns or low ticket sales diminished returns from sports events.
"The public sector is the default employer in Wales, " said Steve Thomas, chief executive of the Welsh Local Government Association (WLGA).
But certainly the level of the local government, local municipalities, local agencies and so on, you could see a significant increase in those default rates will have a negative effect on muni bonds and on spreads on them, as well.
FORBES: Muni Talks: Roubini And Lehmann Say Get Out Of Municipal Bonds
You know, New York Attorney General Andrew Cuomo has joined forces with local and federal law enforcement to see if there is something amiss in the credit default swap business.
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