Really? Reminds me of the lyrics of one of the “West Side Story” songs …. “Puerto Rico? My heart’s devotion, let it sink back in the ocean!” …. something along those lines! Sad, so sad …. the plundering will continue!!
Like a great sea captain…now that Gov. Alejandro García Padilla has sunk the entire ship, he is the first one to abandon it.
As Puerto Rico sinks quietly into the Caribbean Sea, García Padilla will not run for re-election as its governor.
Not one person in Puerto Rico is surprised by this. Here is why:
The Government is BROKE
Within a few weeks the Banco Gubernamental de Fomento (BGF) will run out of cash reserves. In other words, by December 2015, Puerto Rico will be broke.
The Government owes BILLIONS
The government of Puerto Rico owes $73.6 Billion, and has no access to the credit markets. In fact, just one month after it goes broke, Puerto Rico will be hit with a $945 million bond re-payment demand.
The Government will no longer EXIST
Thanks to García Padilla, a five-member Financial Control Board will…
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