It's interesting that Greg takes a US privatistic view point. In Europe, where services are paid for by municipalities, our companies working on a tender contract basis for local government entities, whether public or private companies, all face the financial stress - the growing inability of local governments to collect taxes and pay their bills.
In Italy we are already working on a payment time of six months; in Sicilly famously private companies are owed over 600 million Euros by local authorities, a debt rising monthly and now growing over 18 months.
As tax revenue falls so will many business models dependent upon local governments' ability to pay. So while our services will be required, the capacity to pay for them is falling.
David
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