~~July 6, 2016~~
PUERTO RICO IS DOOMED
One of the articlea was written almost a year ago.
Puerto Rico’s crisis isn’t anything new.
Islanders have seen it coming.
At the time of this writing, the USA Congress and President Obama have worked out a bill that will not help the people of Puerto Rico.
HortyRex©
“PROMESA”
Puerto Rico Oversight, Management, and Economic Stability Act
What does the new law do?
The new law is called the Puerto Rico Oversight, Management, and Economic Stability Act — PROMESA, for short.
It creates an oversight board tasked with resolving the island’s crisis by negotiating with Puerto Rico’s creditors –- the bondholders — and the Puerto Rican government to “restructure” the debt.
That might mean allowing Puerto Rico to pay back it back over a longer period of time and convincing creditors to forgive some of what they’re owed.
“As it appears in … full read/full credit”
~Mother Jones~
AJ VICENS
JUL. 17, 2015
Greece may have overcome a major hurdle in fixing its economy, but Puerto Rico faces a more complicated obstacle to managing its crippling debt:
its murky status as a US territory.
“If Puerto Rico were a state, there wouldn’t be any question about it,” Jeffrey Farrow, a former adviser on Puerto Rico policy to President Bill Clinton, said of the island’s mounting debt crisis.
“If it were a nation, it wouldn’t have to worry about US federal rules, and then it could try to develop its own economy.”
But Puerto Rico is neither a state nor a country.
It’s technically a commonwealth, a status given to it in 1950 by the US government, which allowed it to draft a constitution and elect its own officials.
But even its commonwealth status is unique.
Virginia, Massachusetts, Pennsylvania, and Kentucky are all commonwealths, but they have the full power of states. That’s not the case for this island of 3.6 million, which is, essentially, a colony, subject to the full control of the US Congress. The nature of its relationship with the federal government has left it with few options as it grapples with $72 billion in outstanding obligations that its governor, Alejandro García Padilla, says is “not payable.”
The crisis pits Puerto Rico’s creditors – including hedge funds, large US banks, and smaller investors – against the island’s public workers, with each side trying to avoid absorbing the inevitable losses. A July 14 report from the Puerto Rican investigative journalism outlet Centro de Periodismo – reprinted in English via Latino Rebels – suggests that since 2013, hedge funds have been particularly active in trying to manipulate the debt crisis to their advantage.
“As it appears in … full read/full credit”
http://www.motherjones.com/politics/2015/07/puerto-rico-independent-statehood-colony-hedge-fund-debt
~~GRAPHIC SOURCE
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HortyRex©
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~~Puerto Rico’s Debt Crisis Explained~~
JessicaHosts
~~Published on Jun 28, 2016~~
There’s no simple way to way to explain the economic crisis in Puerto Rico.
The island is currently in over $72 billion of debt and if thing’s don’t change soon the island will default on a $1.9 billion payment on July 1.
Here’s some basic information you’ll need to understand what’s really happening in Puerto Rico.
The situation is seriously complex and this video by no means covers it all.
~~GALLERY~~
It Is What It Is 