Opinion | New York’s Boost for Chinese Creditors

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From WSJopinion: Albany progressives want to mess with the sovereign debt market. This is as destructive as it sounds—but China will love it.

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.Continue reading your article with

 

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