and the Roads to Reform”, Pew Center, February 2010 “Fiscal Policy in a Depressed Economy”, DeLong (Berkeley) and Summers (Harvard), March 20, 2012 Moody’s US Municipal Bond Defaults and Recoveries, 1970-2011 IMF Country Report 11/216. “Spain: Selected Issues”, July 2011 The material contained herein is intended as a general market commentary.