{"id":26168,"date":"2017-09-27T18:11:07","date_gmt":"2017-09-27T23:11:07","guid":{"rendered":"http:\/\/olduvai.ca\/?p=26168"},"modified":"2017-09-27T18:11:07","modified_gmt":"2017-09-27T23:11:07","slug":"puerto-rico-debt-holders-respond-to-catastrophic-hurricane-by-offering-puerto-rico-more-debt","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=26168","title":{"rendered":"Puerto Rico Debt Holders Respond to Catastrophic Hurricane by Offering Puerto Rico More Debt"},"content":{"rendered":"
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Photo: Joe Raedle\/Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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PUERTO RICAN DEBT HOLDERS RESPOND TO CATASTROPHIC HURRICANE BY OFFERING PUERTO RICO MORE DEBT<\/a><\/h3>\n
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PUERTO RICO, FACING<\/u> absolute devastation<\/a> after Hurricane Maria barreled through last week, desperately needs immediate funding to restore critical infrastructure, particularly its hobbled electric grid. The entire island \u2014 home to over 3.5 million American citizens, roughly equivalent to the state of Connecticut \u2014 lost power<\/a>, and satellite imagery shows<\/a> how little electricity has come back. This affects not only electricity and telecommunications service but access to clean water, as many pumping stations run on the same grid.<\/p>\n

A group of bondholders, who own a portion of Puerto Rico\u2019s massive $72 billion debt, has proposed what they are calling relief \u2014 but in the form of a loan. So they\u2019re offering a territory mired in debt the chance to take on more debt.<\/p>\n

The announcement came after The Intercept spent two days reaching out to\u00a051\u00a0of Puerto Rico\u2019s known creditors, asking them if they would support a moratorium or cancellation of debt payments for the island, given the humanitarian crisis. Prior to this announcement, only three of the\u00a051 creditors had so much as donated relief funds to charity or offered sympathy for island residents, all of them banks who actually have to face consumers, and so are a bit more adept at handling public relations. No creditor had supported debt relief.<\/p>\n

Of the 51 creditors contacted by The Intercept, only Citibank<\/a>, Goldman Sachs<\/a>, and Scotiabank<\/a> have pledged no-strings-attached money for Puerto Rico and other Caribbean islands, in the form of donations to relief organizations totaling $1.25 million. Citi has also waived certain fees<\/a> for citizens within disaster zones.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Photo: Joe Raedle\/Getty Images PUERTO RICAN DEBT HOLDERS RESPOND TO CATASTROPHIC HURRICANE BY OFFERING PUERTO RICO MORE DEBT PUERTO RICO, FACING absolute devastation after Hurricane Maria barreled through last week, desperately needs immediate funding to restore critical infrastructure, particularly its hobbled electric grid. The entire island \u2014 home to over 3.5 million American citizens, roughly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[13415,13603,195,3824,5567],"class_list":["post-26168","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bondholders","tag-david-dayen","tag-debt","tag-puerto-rico","tag-the-intercept"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26168"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26168\/revisions"}],"predecessor-version":[{"id":26169,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26168\/revisions\/26169"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}