Posted on 08/03/2017 6:31:57 AM PDT by cll
NEW YORK (Reuters) - Puerto Rico's federally appointed financial oversight board said on Wednesday it will investigate the U.S. commonwealth's debt "and its relationship to the fiscal crisis" which has left it with $72 billion in debt and a 45-percent poverty rate.
The board, a creation of the 2016 federal Puerto Rico rescue law known as PROMESA, said in a statement that the investigation will review the fiscal crisis, examine the debt and how it was issued, including disclosure and selling practices.
"The Oversight Board considers this investigation an integral part of its mission to restore fiscal balance and economic opportunity and to promote Puerto Rico's reentry to the capital markets pursuant to its responsibilities under PROMESA," the statement said.
The board is tasked with managing the island's finances. Earlier this year it helped develop a 10-year fiscal turnaround plan, and is in charge of making sure it follows through.
(Excerpt) Read more at reuters.com ...
Puerto Rico Ping! Please Freepmail me if you want on or off the list.
Glad to see the board members are up from their naps...
If there is corruption anywhere, start with the Clintons.
Translation: The board will engineer ways to funnel taxpayer guaranteed loans to prop up the profligate government there.
Will the oversight board blame Trump, Russia, or both?
Fox and hen house.
What’s to “investigate”? All the money was stolen by corrupt politicians and officials, and eaten by the welfare Takers.
These folks study ‘corruption 101’ at their colleges... same solutions every time: rip off the American taxpayers...
These folks study corruption 101 at their colleges... same solutions every time: rip off the American taxpayers...
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What they DO learn during their “education” is an unquestioning belief in big government, how to justify spending, and the art of obfuscation. All skills they use to promote the liberal agenda.
That’s true... you’re right as rain on this one.
Its always entertaining to watch “smart” people use their education to justify and rationalize things that can never be supported by facts.
Someone I know in PR says the middle class is really hurting, and there are really good buys on nice homes. A good deal for retirement??
I heard of a friend of a friend who bought a condo in San Juan for retirement, but he is a native Puerto Rican.
But for retirement, I think it is risky. You don't want to move into a "community", city, country, or especially an island that is going bankrupt.
Ask Venezuela.
Look what happens: crime goes up, the cops don't get paid, corruption is rampant. Would that happen to Puerto Rico?
Maybe not.
Or, maybe it could.
Also, if you are a white man or woman.....then you are and will always be a Gringo over there.
Always.
And you will be on the bottom of the food chain if things go south.
My friend is married to a Puerto Rican woman and moved there after Miami’s economy went south after 2008. He has his own small construction business, speaks enough Spanish to manage local workers, and does a lot of work for investors who are upgrading buildings and condos for mainlanders to buy and or live in. Certainly it would be wise to know some Spanish and learn more if moving there. At this point, based on what I have been told, I think it still makes sense for healthy retirement, perhaps not with significant chronic illness. I will have to find out more about medical treatment there for people with mainland retirement incomes.
Healthcare here is pretty good and up to mainland standards, but costs can be much lower. Only thing is, there is a shortage of certain specialties, which translate into long waits. For example, orthopedic surgeons are in short supply, and if you get into an accident with broken bones, you could have to wait 24, 36 hours for a cast. More if you need surgery.
Good assessment. So often, you get what you pay for. The price of a home reflects lifestyle issues like the benefits of living in a nice community with nearby conveniences, entertainment, access to good medical care (especially true for retirees), and a local culture that you feel comfortable with. You described the risks of living in PR quite well.
Things could get a lot uglier quickly. And if it does, not only would a “non-native” risk being on the bottom of the food chain, they might also see the value of their “bargain” home evaporate overnight.
There are many other retirement home options that are much better and far less risky than PR.
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