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Puerto Rico?s coming bond default

Move over Greece ...

Quote:

The declaration by Puerto Rico?s governor that the island?s $72 billion in debt is ?not payable? was not only a warning to its creditors. It was also aimed at leaders in Washington, who perhaps more than anyone could determine whether Puerto Rico?s finances can be stabilized or will slide into chaos.

But the federal response was relatively reserved on Monday. The White House made it clear that Puerto Rico would not receive a ?federal bailout? but expressed some support for an effort to allow the island?s public corporations to use federal bankruptcy protections. As a United States commonwealth, Puerto Rico is not allowed to authorize bankruptcy, which means that impairing its debts could prove practically impossible.

Gov. Alejandro García Padilla plans to discuss the island?s fiscal crisis on a televised broadcast on Monday night.Puerto Rico?s Governor Says Island?s Debts Are ?Not Payable.

But the push in Congress for Chapter 9 faces stiff opposition from many Republicans, particularly conservatives, who say that allowing Puerto Rico to restructure its debts in bankruptcy would amount to a free pass for decades of fiscal mismanagement by local government officials.

http://www.nytimes.com/2015/06/30/bu...debt.html?_r=0

The US isn't kicking them out of the Dollar.

Quote:

Originally Posted by Barry-xlovecam (Post 20511743)

Move over Greece ...

The US isn't kicking them out of the Dollar.

I've never understood how so many people can come from one little island.

Quote:

Originally Posted by crockett (Post 20512099)

I've never understood how so many people can come from one little island.

I think there are more Puerto Ricans in America than there are in Puerto Rico. Just like there are more Irish here than in Ireland.

Puerto Rico is getting short end of the stick.... No one seems to care about them.

Why don't we turn it into a massive tourist destination like Hawaii? AND maybe make them a state too.

Quote:

Originally Posted by Rochard (Post 20512134)

Puerto Rico is getting short end of the stick.... No one seems to care about them.

Why don't we turn it into a massive tourist destination like Hawaii? AND maybe make them a state too.

Because their govt is corrupt and the place is crime ridden.

Quote:

Originally Posted by crockett (Post 20512158)

Because their govt is corrupt and the place is crime ridden.

Yes, as 99% of all Spanish speaking countries are (and lets face it...it is an island 3 miles by 1 mile) so hardly a real country anyway! :1orglaugh