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Puerto Rico oversight board to investigate debt and fiscal crisis
Reuters ^

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 ...


TOPICS: Business/Economy; Government
KEYWORDS: americansamoa; cnmi; guam; marianas; promesa; puertorico; samoa; usvi; virginislands
Triple tax exempt bonds. "If something is too good to be true, it probably is". And it was.
1 posted on 08/03/2017 6:31:57 AM PDT by cll
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To: rrstar96; AuH2ORepublican; livius; adorno; wtc911; Willie Green; CGVet58; Clemenza; Narcoleptic; ...
Paging Captain Obvious.

Puerto Rico Ping! Please Freepmail me if you want on or off the list.


2 posted on 08/03/2017 6:33:17 AM PDT by cll (Serviam!)
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To: cll

Glad to see the board members are up from their naps...


3 posted on 08/03/2017 6:34:21 AM PDT by Eric in the Ozarks (Baseball players, gangsters and musicians are remembered. But journalists are forgotten.)
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To: cll

If there is corruption anywhere, start with the Clintons.


4 posted on 08/03/2017 6:39:01 AM PDT by subterfuge (Build the damn wall...)
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To: cll
The board is tasked with managing the island's finances.

Translation: The board will engineer ways to funnel taxpayer guaranteed loans to prop up the profligate government there.

5 posted on 08/03/2017 6:39:09 AM PDT by Starboard
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To: cll

Will the oversight board blame Trump, Russia, or both?


6 posted on 08/03/2017 6:48:26 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: cll

Fox and hen house.


7 posted on 08/03/2017 7:00:52 AM PDT by bgill (CDC site, "We don't know how people are infected with Ebola.")
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To: cll

What’s to “investigate”? All the money was stolen by corrupt politicians and officials, and eaten by the welfare Takers.


8 posted on 08/03/2017 7:10:59 AM PDT by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: Starboard

These folks study ‘corruption 101’ at their colleges... same solutions every time: rip off the American taxpayers...


9 posted on 08/03/2017 8:29:23 AM PDT by GOPJ (To totalitarians an open inquisitive mind is more dangerous than a Marine with a rifle-James Mattis)
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To: GOPJ

These folks study ‘corruption 101’ at their colleges... same solutions every time: rip off the American taxpayers...

***********

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.


10 posted on 08/03/2017 8:46:18 AM PDT by Starboard
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To: Starboard

That’s true... you’re right as rain on this one.


11 posted on 08/03/2017 8:57:11 AM PDT by GOPJ (To totalitarians an open inquisitive mind is more dangerous than a Marine with a rifle-James Mattis)
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To: GOPJ

Its always entertaining to watch “smart” people use their education to justify and rationalize things that can never be supported by facts.


12 posted on 08/03/2017 9:17:45 AM PDT by Starboard
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To: SkyPilot; cll; Starboard; All

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??


13 posted on 08/12/2017 3:57:08 PM PDT by gleeaikin
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To: gleeaikin
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.

14 posted on 08/12/2017 5:06:09 PM PDT by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: SkyPilot; cll; All

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.


15 posted on 08/13/2017 3:17:09 AM PDT by gleeaikin
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To: gleeaikin

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.


16 posted on 08/13/2017 4:49:17 AM PDT by cll (Serviam!)
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To: SkyPilot

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.


17 posted on 08/13/2017 6:40:41 AM PDT by Starboard
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