Will the credit crisis affect the municipalities

The last time international financial markets experienced the level of turmoil and volatility as we have seen during October 2008 was 79 years ago in October 1929, which marked the beginning of the great depression. The current crisis was started by the sub-prime problems in the United States, which spilled over to the UK and Europe and affected the banks and financial institutions in these jurisdictions. The second round effect was the decline of international stock markets caused by fears of recession in the world's leading economies.