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Many cities won't be able to meet payments.
"They've been borrowing just to meet payments on previous loans; it builds on itself".
By the end of the year, Argentina must meet payments of more than $6 billion on its multilateral debt.
A.I.G. needed $60 billion to meet payments on insurance contracts it had written to protect customers against debt defaults.
With borrowers struggling to meet payments and lenders keen to avoid risky lending, it may come as no surprise that these mortgages are becoming more difficult and expensive.
The ceiling for borrowing was reached in May, since when the Treasury Department has shuffled money between government accounts to meet payments.
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But it's possible that payment patterns indicate a user's ability to meet payment obligations.
"Whoever wins," he said, "it will require considerable macroeconomic skill to meet payment on the debt, keep the economy running and gain credibility with the markets".
Endorsement transfers the rights of the endorser to the new holder and also creates a liability of the endorser for payment of the amount of the draft if the drawee does not meet payment when the draft becomes due.
The issuer can simply raise taxes to meet payment obligations.
Clarke was club captain when cash-strapped Salisbury were demoted two divisions in 2010 after failing to meet payment deadlines.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com