Those who understand what has happened and where the U.S. is going know that budget issues at the state level are more serious than those at the federal level.
Korea’s sovereign debt concerns have been mentioned from time to time. Budget concerns at the local level come to the forefront.
Gyeonggi Province’s Sungnam City announced a moratorium on constructing the new town, Pangyo. The city borrowed the 520 billion won from the special accounts for Pangyu. Sungnam mayor Lee Jae-myung said it would pay back the money within the next four years through municipal bonds and budget cuts.
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