Posted on 01/15/2014 12:45:16 PM PST by Kartographer
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/7d2970ba-7e07-11e3-95dd-00144feabdc0.html#ixzz2qVCAHQR4
Creditors to Puerto Rico are meeting in New York on Thursday with lawyers and debt restructuring specialists as a moratorium on payments on the territory’s $70bn in public sector debt and an additional $40bn of unfunded pension liabilities appears increasingly likely, these specialists say.
A possible suspension on payment of the debt comes despite the progress Puerto Rico’s governor Alejandro Garcia Padilla has made in raising taxes and reducing the territory’s deficit.
(Excerpt) Read more at ft.com ...
Another forerunner of the eventual US debt reckoning....
Why don’t Puerto Ricans write checks?
because they are to hard to write using spray paint.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.