Puerto Rico Officials, Advisers Hold Meeting With Creditors

abc news ^ | 7-13-2015 | ap

[Citizen Zed]

SAN JUAN, Puerto Rico — Puerto Rican officials and advisers are holding the first of what they say are several meetings with creditors to explain why they believe it is necessary to restructure the U.S. territory's public debt.

Monday's live-streamed meeting with investors comes roughly two weeks after Gov. Alejandro Padilla announced that Puerto Rico's $72 billion public debt is unpayable given the island's nearly eight-year-long recession. He is seeking a payment moratorium from bondholders.

[Citizen Zed]

Who was stupid enough to buy their bonds in the first place?

[1Old Pro]

People who wanted tax free bonds? Now they have $3000/year in losses they can write off.

[StormEye]

"...Puerto Rico's $72 billion public debt is unpayable given the island's nearly eight-year-long recession.

Eight year long recession? That's impossible! Obama and his Democrats are in power. Let's try some more wealth redistribution people! Demand Obama come up with the money. And a little more socialism wouldn't hurt either. And Puerto Rico -- don't worry about paying anymore bills. Obama has your back.

[blueunicorn6]

“And if you put in at least five billion dollars, we guarantee you a 10% interest.”

“Man. What’s my commission on five billion bucks? Wow. I’m in....I mean my customers are in.”

[Sergio]

ping

[cll]

I didn't watch the proceedings but from what I gather, the Puerto Rico officials presented no plans other than their hope that Congress would reform the Chapter 9 Bankruptcy laws and the Jones Act.

Puerto Rico Ping! Please Freepmail me if you want on or off the list.

[adorno]

Greece doesn’t have a crisis. Puerto Rico doesn’t have a crisis.

There is no such thing as an economic crisis. All that’s needed to solve any economic crisis, is to borrow more, or to be bailed out of the mess that was created by the government and the socialism loving population.

The U.S. will never have an economic crisis, because, there is plenty of room left in the national debt to dump all of the deficits into.

So, Greece and Puerto Rico are very lucky. Something always comes up that allows them to kick their economic messes down the road, and that road doesn’t have an end.