Banks to Suspend IOU Payments 7/8/09

Some of the state’s largest banks say they would stop accepting California's IOUs as of this Friday, adding pressure on the state to close its $26.3 billion annual budget gap. Not all banks have set a July 10 deadline, and dozens of nonprofit credit unions(see http://www.ccul.org/01consumers/) in the state will keep accepting IOUs. For details: http://online.wsj.com/article/SB124692354575702881.html#mod=todays_us_page_one.