So rents are going down while the number of properties listed goes up… who has a problem here exactly? Landlords by any chance?

Who did the local governments contract the debt with? Is it the central bank, local private banks, or international institutions?

Because if it’s the central bank, or another state owned institution, couldn’t they just let the debt default, which would be the same as printing new money and giving it to the local governments?

If it’s not the a state owned bank, why was that choice made?

Also can you explain how mass mortgage defaults would lead to land depreciation?

Thanks, very interesting comments!

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This is very confusing. Were they backed by (some) US authorities? Seems hard they could get that far otherwise. But then why would they get arrested?