Posted on 04/12/2017 6:19:49 AM PDT by detective
Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds.
When U.S. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits against the island so its federally appointed oversight board and creditors could negotiate out of court on the biggest debt restructuring in U.S. municipal history.
The freeze expires on May 1, however, and an extension by Congress is "not going to happen," said a Republican aide to the House Committee on Natural Resources, which is in charge of territory matters.
(Excerpt) Read more at yahoo.com ...
Illinois is next.
One way or another, we will be on the hook for this.
PR debt is in many respects connected to its oil-fired electric utility company.
They like it here in America :)
And against this backdrop, there have been revived talk of making Puerto Rico the 51st state.
I would hate to think that statehood becomes in effect a reward for their gross financial mismanagement.
And there will be more on the way soon.
Did they amend the bankruptcy code? Puerto Rico didn’t use to qualify to file, and I haven’t kept up with recent developments.
I suppose I could look it up myself, but it is easier to ask.
“And against this backdrop, there have been revived talk of making Puerto Rico the 51st state”
PR could have achieved statehood by now if the good citizens had really wanted to. But, what’s not widely known us that most of these folks are receiving government subsidies of one type or another some of which would not be available as a state. For those who work, own businesses, etc, their tax rates are very low to nonexistent. So, no motivation to become a state. Besides PR’s are already citizens and are free to travel or relocate in the US whenever they want.
I say give it back to Spain.
After a bankruptcy their standard of living will slip to that of the Dominican Republic, that’s when the clamor for statehood begins.
Oh, good. California on an island.
Time to cut this spending spree off. They’ll be much better served as an independent country.
I think
The FREE Republic of Puerto Rico
has a nice sound .
“They like it here in America :)”
“They” are Americans. Why wouldn’t they like it in America?
“And there will be more on the way soon.”
....More Americans moving to America. This is news?
The government of Puerto Rico, which was elected by the people of Puerto Rico, has been running a Ponzi Scheme for years.
Maybe they can borrow some money from Greece.
We just have to make them a state..../s
I wish I were lidding, but the Congress has already set it in motion. The next referendum will be only two choices, independence or statehood, no remaining a commonwealth option.
When haven’t they been sliding toward bankruptcy?
The next referendum will only be two choices, statehood or independence. They will vote for statehood.
It was this vote that convinced me to start agitating for the Cantorization of our weasel, Eric Cantor.
By removing the third option of remaining a commonwealth the Uniparty tipped their hand that it has already been decided by our betters that Puerto Rico will be a state.
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