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Puerto Rico Blackout Enters Second Day – Entire Island Of 3.5 Million People Without Power
Puerto Rico Blackout Enters Second Day – Entire Island Of 3.5 Million People Without Power The 3.5 million people of Puerto Rico are entering their second day with no power after a substation fire knocked out service to the entire island. The power outage has left schools scrambling to cancel classes and public hospitals forced to cancel […]
Puerto Rico Defaults On $2 Billion In Debt Payments
Puerto Rico Defaults On $2 Billion In Debt Payments As expected, Puerto Rico will default on about $2 billion in debt payments Friday, including $780 million in constitutionally-backed general obligation bonds, as governor Alejandro Garcia Padilla has issued an executive order authorizing the suspension of payments. In addition, Garcia Padilla also declared states of emergency at the island’s […]
Bondholders Stunned As Puerto Rico Finds $4.4 Billion In Outstanding Debt “Unconstitutional”
Bondholders Stunned As Puerto Rico Finds $4.4 Billion In Outstanding Debt “Unconstitutional” After Puerto Rico defaulted on its $422 million debt payment in May, governor Padilla begged congress to step in and help out, which happened shortly thereafter when a House committee cleared legislation that provided Puerto Rico with a way forward on restructuring its debt. As it […]
Governor Of Puerto Rico Set To Impose Capital Controls
Governor Of Puerto Rico Set To Impose Capital Controls Yesterday, in the latest plot twist surrounding the inevitable Puerto Rico default, we observed that after the commonwealth island’s Senate passed a surprising bill to impose a debt moratorium on any future debt repayment, its bonds – predictably – tumbled. We also noted that the legislation addressed the […]
Zika Virus Threatens “Disaster In Rio” Olympics As WHO Declares Global Emergency
Zika Virus Threatens “Disaster In Rio” Olympics As WHO Declares Global Emergency From the initial discovery in the heart of Ugandan forest darknessto mysterious genetically-modified Mosquitoes in Brazil, the newest threat to human health (most notably pregnant women) is the ominous-sounding Zika virus. The epidemic is spreading from its epicenter in Brazil – threatening disaster at the Olympics with […]
Puerto Rico “Generously” Offers To Repay 54 Cents On The Dollar To Creditors Owed $70 Billion
Puerto Rico “Generously” Offers To Repay 54 Cents On The Dollar To Creditors Owed $70 Billion Height Securities’ Daniel Hanson is “deeply skeptical” about the viability of Puerto Rico’s proposal for restructuring the island’s $70 billion in debt. Hanson, in a note out late last week, said Governor Alejandro Padilla was “significantly unlikely” to present […]
Puerto Rico Is Greece, & These 5 States Are Next To Go
Puerto Rico Is Greece, & These 5 States Are Next To Go As Wilbur Ross so eloquently noted, for Puerto Rico “it’s the end of the beginning… and the beginning of the end,” as he explained “Puerto Rico is the US version of Greece.” However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond […]
Puerto Rico To Default On Some Bonds January 1 – Live Feed
Puerto Rico To Default On Some Bonds January 1 – Live Feed Puerto Rico governor Alejandro Garcia Padilla is set to address the island’s debt problem at a press conference on Wednesday. PUERTO RICO SAYS IT WILL DEFAULT ON SOME DEBT DUE JAN. 1 PUERTO RICO TO MISS $1.4 MILLION DUE ON PFC BONDS DUE JAN. […]
Puerto Rico’s Debt Trap
Puerto Rico’s Debt Trap WASHINGTON, DC – The Caribbean island of Puerto Rico – the largest United States “territory” – is broke, and a human calamity is unfolding there. Unless a constructive course of political action is found in 2016, Puerto Rican migration to the 50 states will rival the scale of the 1930s Dust […]
Puerto Rico Is About To Default: Your Complete Guide To An Island Debt Debacle
Puerto Rico Is About To Default: Your Complete Guide To An Island Debt Debacle Last week, we brought you the latest from Puerto Rico’s debt debacle. The commonwealth is desperately trying to restructure some $72 billion in debt while staring down a $354 million bond payment due on December 1. As we discussed at length on Friday, […]
Puerto Rico Faces “Public Unrest” As Cash Crunch May Leave Government Workers Unpaid
Puerto Rico Faces “Public Unrest” As Cash Crunch May Leave Government Workers Unpaid Heavily indebted Puerto Rico was due to meet with representatives of its creditors on Friday in a desperate attempt to forge ahead with a plan to restructure some $72 billion in debt. No offer is expected to be made at the meetings […]
Treasury Warns Of “Humanitarian Crisis” In Puerto Rico If Congress Does Not Agree To Bailout
Treasury Warns Of “Humanitarian Crisis” In Puerto Rico If Congress Does Not Agree To Bailout “Puerto Rico is not Greece“… but it increasingly looks like it will be in a few weeks, thanks to US taxpayers who are about to foot the bill for yet another creditor bailout. As we reported last night, creditors of the […]
Obama Unveils Roadmap To ‘Bailout’ Puerto Rico: “New” Bankruptcy Rules & Federal Fiscal Oversight
Obama Unveils Roadmap To ‘Bailout’ Puerto Rico: “New” Bankruptcy Rules & Federal Fiscal Oversight America is not Greece, but judging from the Obama administration’s just-unveiled plans to bailout Puerto Rico’s disastrous debt situation, the American territory may have to sacrifice a little more sovereignty to get some relief. Obama is pressing for Congress to give […]
The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit”
The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit” Debt now defines us. Personal and household debt is at unprecedented historical levels. Many Americans are stretched many times past their limit with no hope of getting out of the black.Student loan debt is its own huge bubble, waiting to burst, and perhaps […]
