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| Economy |
| Governor: Puerto Rico near 'death spiral' |
| 2015-06-30 |
| [MONEY.CNN] Puerto Rico can no longer make payments on its $73 billion in debt, according to Governor Alejandro Garcia Padilla, who warns the island is perilously close to entering a "death spiral" "The debt is not payable ... there is no other option. This is not politics, this is math," Garcia Padilla told the New York Times ...which still proudly displays Walter Duranty's Pulitzer prize... in an interview published Sunday evening. "But we have to make the economy grow. If not, we will be in a death spiral." The warning comes just one day before the governor is expected to release a report, conducted by former officials at the International Monetary Fund and the World Bank, that paints a very bleak picture of the commonwealth's finances. According to media reports, the governor will deliver a major speech Monday following the report's release. |
| Posted by:Fred |
| #12 De latest ... * BLOOMBERG > PUERTO RICO CISIS SPURS US CONGRESS TO ADVANCE CHAPTER 9 [Bankruptcy] BILL, to allow the Commonwealth-Territory to go into formal bankruptcy. * BIGNEWSNETWORK > [Market Watch] PUERTO RICO MAY PROVE TO BIGGEST THREAT TO US INVESTORS THAN GREECE CRISIS [Default]. versus * As per CNN AM, the US + Uncle Fidel's Cuba will reopen embassies. |
| Posted by: JosephMendiola 2015-06-30 22:11 |
| #11 Puerto Rico is treated like a state for bankruptcy purposes. Which means Puerto Rico can't declare bankruptcy. Al |
| Posted by: frozen al 2015-06-30 20:08 |
| #10 See also YAHOO NEWS > [AP] WHITE HOUSE: NO FEDERAL BAILOUT OF PUERTO RICO. The Bammer Admin prefers the PR Govt. formally declare bankruptcy - IMO such a move will put PR under Federal + UNO/IMF REceivership, including possible Martial Law = Military-run Govt??? As per FREEREPUBLIC, any formal PR bankruptcy may have serious effect on FLORIDA's economy + PR Community. |
| Posted by: JosephMendiola 2015-06-30 19:35 |
| #9 Is this the end of Rico? https://www.youtube.com/watch?v=FEiOjH0v0oM |
| Posted by: European Conservative 2015-06-30 19:16 |
| #8 Too bad that Roosevelt Roads resort plan never turned out, eh guv'nor? |
| Posted by: Pappy 2015-06-30 14:50 |
| #7 $73B?!?! WTF?!?! How many votes did that buy? |
| Posted by: gorb 2015-06-30 13:25 |
| #6 Repeat of the State of Franklin only lasted more than Franklin's four years. Also never switched to a corn liqueur based currency... although they do have rum. |
| Posted by: 3dc 2015-06-30 10:32 |
| #5 PR bond holders were getting something like 10% tax-free interest according to one report I read; for rates like that you know you're assuming a lot of risk (they're on the order of 100 times money market rates.) Default, without bailout: it's the only way to teach the needed lesson about investment risk. |
| Posted by: Glenmore 2015-06-30 10:20 |
| #4 Greek model? Independence from the running dog capitalists? |
| Posted by: Procopius2k 2015-06-30 08:40 |
| #3 Near? |
| Posted by: DarthVader 2015-06-30 01:47 |
| #2 Nobody could have predicted this. |
| Posted by: Anguper Hupomosing9418 2015-06-30 00:41 |
| #1 And no one got anything for your debt. Just like Greece. You are black holes in the world. What do you plan to do about YOUR state spending? |
| Posted by: newc 2015-06-30 00:23 |