"A proposed debt exchange, where creditors would replace their current debt with new bonds with terms more favorable to Puerto Rico, signals a significant shift for Mr. García Padilla, a member of the Popular Democratic Party, who was elected in 2012. His party is aligned with the Democrats on the mainland and favors maintaining the island’s legal status as a commonwealth."
Another Utopia run by Democrats for a generation, that has finally run out of OPM (Other People’s Money).
The debt is only $200,000 for every man, woman, and child on the island. Does anyone see a problem?
Time for a nice, deep haircut bondholders.
Well innat nice.
I would extend them the same grace they give the people when they are in debt to the government. Massive fines and penalties, freezing all accounts, liens on all property, seizure of all tangible assets and garnishment of wages, along with threat of prison.
Nuevo Grecia.
............”This is not politics, this is math.”
The ‘H’ it is! It was typical Democrat pol’s buying votes in typical Democrat ways, and means that drove the unpayable debt to accumulate to what it is today.
Just another lyin’ Damnocrat trying to pass the blame onto something, or someone else. IF it’s a Democrat, it can’t possibly be at fault for anything negative /S.
How much will I be billed for?
The Federal government alone has a $17 trillion, the states and cities in aggregate probably have another $8 trillion debts. Government entities are responsible for or have guaranteed another $100 trillion in unfunded liabilities. People who claim that this is a manageable situation and call for even more borrowing and spending are delusional. Conservative attention has focused on the decadent and hedonistic SCOTUS decisions. However it is difficult to see how with an anti capitalist administration that stifles economic growth with its crusade against carbon energy sources, endless rules and regulations that discourage productive entrepreneurs and a population that increasingly buys into non productive redistribution schemes,a happy future.
They are going into debt at an amazing rate
Government receipts are only $28 billion in 2014.
Definitely looks like a Democrat run operation. Maybe Obama will sell PR to Kenya.
Just raise taxes, sheesh.
Great, yet ANOTHER flood of illegals.
Greece only owes 2x as much.
no mention of closing Vieques and losing all the money the Navy pumped into their economy thoughWhy should they pay their bills? No one else does. Debt doesn’t matter anymore, right?
There was a time that Puerto Rico was prosperous..and sent food and produce to the mainland..
But that was when they grew their own food had numerous farms, cattle, and industries..
Then that all changed..by US government edict..
Most food that could be grown in the ideal climate and soil is grown instead on the mainland US and shipped to PR..
Meat also comes from the US leaving the locals paying high prices for food..
The unemployment is skyrocketing where there was little at one time..
Most people owned or worked on the farms and ranches but there are few now...
That’s why its so expensive to visit PR, everything is shipped..
It’s like Greece
except everyone is on US welfare or social security
what could go wrong?