Laughing at the expense of the people of Puerto Rico!! Time to end this, Boricuas!! Time to stand and fight …. Civility, requests, reasoning … to no avail. Pres. Obama … Very disappointing!!
On July 10, 1984, Ronald Reagan signed the Bankruptcy Amendments and Federal Judgeships Act. Section 9 of that Act (11 U.S.C. § 901 et. seq.) specifically excluded Puerto Rico from the bankruptcy protections that are extended to all U.S. municipalities.
Thanks to Section 9, Puerto Rico cannot re-negotiate or re-structure its $73 billion public debt, without permission from its creditors. If the creditors say “PAY ME NOW,” the island must either pay or go into default. There is no middle road.
WALL STREET LAUGHING
What does PAY ME NOW mean?
Since Puerto Rico’s debt has been downgraded to “Junk Bond” status, the island must pay the highest interest rates. Currently, the annual yield on Puerto Rico bonds are an astounding 10 percent. With the triple-tax exemption factored in, Puerto Rico bonds are providing an annual 18 percent return.
While this is great for Goldman Sachs and the Oppenheimer Fund…
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