So then is Puerto Rico just a territory or possession of America, not a Commonwealth? But then, still doesn’t have the status of a state.
What are the practical effects of this? Does this mean Congress in Washington has direct oversight of PR??
Exactly.
It means you and the rest of the Americans are going to end up paying for the corruption down there. Get ready for a bailout that will make GM look like chicken feed.
Yes, it means that whatever the government of PR did or does, Congress is ultimately responsible for their actions, good or bad, and in this case ‘mucho grande mal’, to the tune of $70 BILLION in debts........................
Might be that the S.Ct. is creating a way for Congress to bail out PR’s idiotic finaces by declaring the government a nonentity.
Bend over US taxpayers.
This is the form the Bailout of PR is taking. Congress will pay off PR’s debts with your money and mine.
Puerto Rico is an unincorporated territory of the United States.
Consequence: Their bond default is our bond default.
Consequence: Our “paper” is worthless on the world market.
Consequence: Economically, we are a dead man walking. It is just a matter of a few more days/weeks before we fall down.