Italian President Giorgio Napolitano said he needs more time to choose the next prime minister after two days of talks with parliamentary groups, the biggest of which urged that Florence Mayor Matteo Renzi be named.
Hedge funds seeking to participate in Puerto Rico’s planned bond offering are asking that the commonwealth raise enough money to meet its needs for two years, two people with knowledge of the preliminary talks said.
Chicago is now the city of big debt, where each of its 2.7 million residents -- from infants in diapers to senior citizens on fixed incomes -- is on the hook for about $20,000 in long-term pension promises and bond obligations. Like the relentless snow clogging the city’s streets, it just keeps piling up.
Municipal-bond mutual fund managers reduced holdings of Puerto Rico by about 65 percent from May through December, with more opting to sell sales-tax debt than lower-priced general obligations, Fitch Ratings said.