July’s publication summarizes one article that discusses lessons learned from past sovereign debt crises, and two articles that explore the current risks for municipal bond investors.

• “Reflections on the Sovereign Debt Crisis,” by Edward Chancellor, GMO, July 2010.
• “Concerning the American Repudiation Gene,” by James Grant, Grant’s Interest Rate Observer, June 25, 2010.
• “U.S. State and Local Credit Risks Elevated, Conflated, Underappreciated,” by Michael Zezas, Morgan Stanley, June 29, 2010.