The bond market *vigilantes*

More than 150,000 state employees, whose salaries support a million people, had their wages cut in half this month. Palestinian banks have lent the government more than $1 billion and do not want to lend more. Some ministries have temporarily lost electricity because they have not paid their bills. Last week, the government ordered a reduction in the price of bread, leading to bakery strikes. Garbage is piling up.

Here is more; in part the problem is that Arab leaders are slow to deliver large amounts of aid, if that is what one should call it.