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Keyword: puertorico

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  • Puerto Rico: No money available to make $58M bond payment

    07/31/2015 8:03:22 PM PDT · by OddLane · 8 replies
    AP News ^ | July 31, 2015 | Danica Coto
    SAN JUAN, Puerto Rico (AP) — Puerto Rico's government said Friday it would not make a $58 million bond payment due on the weekend and warned that the general fund will run out of liquidity by November if no action is taken. Gubernatorial Chief of Staff Victor Suarez said at a news conference that the island's Public Finance Corporation could not meet the payment due Saturday. "We don't have the money," he said, adding that the government still hopes to reach an agreement with creditors on renegotiating its debts. Gov. Alejandro Garcia Padilla warned several weeks ago that the government...
  • Houston 'moneyman' ponies up $10 M for Cruz

    07/31/2015 10:38:11 AM PDT · by 2ndDivisionVet · 3 replies
    The Houston Chronicle ^ | July 31, 2015 | Jennifer Reiley
    Toby Neugebauer, the son of a U.S. Texas congressman, donated almost a third of the funds raised by Super PACs supporting presidential hopeful U.S. Texas Sen. Ted Cruz, according to campaign finance reports filed Friday. Neugebauer, son of Lubbock Republican Randy Neugebauer, donated $10 million to "Keep the Promise II," one of four PACs for Cruz of the same name. Neugebauer is the co-founder of Quantum Energy Partners, a Houston-based private equity firm in the energy industry. According to Bloomberg, the firm has managed more than $7 billion in commitments since 1998. Neugebauer is heavily involved in the energy industry,...
  • Can anything save Puerto Rico from default? (30 cents on the dollar haircut)

    07/30/2015 4:08:08 PM PDT · by jimbo123 · 21 replies
    CBS News ^ | 7/30/15 | BRUCE KENNEDY
    While the ongoing economic drama in Greece is still dominating the financial news headlines, some analysts say Americans should be paying closer attention to a crisis that's unfolding in their own backyard, in Puerto Rico. The U.S. territory and self-governing commonwealth once had one of the most dynamic economies in the Caribbean, fueled in part by manufacturing investment from the American mainland and federal tax breaks. But the end of those tax breaks nearly a decade ago, along with fallout from the Great Recession, have crippled Puerto Rico's economy over the ensuing years. Puerto Rico is scheduled to make nearly...
  • UBS backs away from its Puerto Rico funds after downgrades

    07/28/2015 4:13:10 PM PDT · by jimbo123 · 10 replies
    Reuters ^ | 7/23/15 | SUZANNE BARLYN
    UBS AG is backing away from its own Puerto Rico bond funds, warning clients that they can no longer use them as collateral for certain loans after the island's financial troubles resulted in downgrades by major credit rating agencies. In a July 13 letter to clients, reviewed by Reuters, UBS’ Puerto Rico arm said it would contact investors to discuss alternatives. “The firm will also reduce to zero the collateral value assigned to all Puerto Rico closed-end funds shares,” UBS wrote to investors. Puerto Rico’s Governor Alejandro Garcia Padilla dropped a bombshell on holders of its $72 billion debt in...
  • Puerto Rico bond default deadline is Saturday

    07/28/2015 3:56:18 PM PDT · by jimbo123 · 6 replies
    CNBC ^ | 7/28/15 | Dawn Giel
    As yet another key debt payment date closes in on Puerto Rico, here's a primer on what you should know, and who it will affect the most ahead of the deadline. Q: If the Puerto Rico Public Finance Corporation (PFC) doesn't pay bondholders on Aug. 1, will it be considered a default? A: Yes. According to Moody's vice president and senior credit officer, Ted Hampton, if there is no payment made on Friday, it will be the first default of a U.S. state, or state-like entity, since Arkansas couldn't make its bond payments during the Great Depression in 1933. Q:...
  • Why Jeb Bush Declaring Support For Puerto Rico's Statehood Should Concern You

    07/28/2015 3:36:33 PM PDT · by jimbo123 · 39 replies
    Latina ^ | 7/28/15 | RAQUEL REICHARD
    Ay Dios! Speaking of the Holy One, Bush took a trip to my home church, Centro Internacional de la Familia, in East Orlando to make his big announcement. "My belief is that Puerto Ricans should have a right to self-determination ... I have long been a supporter of statehood," Bush said. "I believe that full citizenship and all the rights and responsibilities that go along with full citizenship is the proper place." Sounds nice, right? Except that, with deeper inspection, it’s really not. For starters, Bush went on to say that Puerto Rico needs to solve its economic woes, which...
  • Jeb Bush courts critical Puerto Rican voters in Central Florida

    07/27/2015 1:31:57 PM PDT · by jimbo123 · 36 replies
    Fox News Latino ^ | 7/27/15 | Elizabeth Llorente
    Presidential contender and former Florida Gov. Jeb Bush will be courting a critical group of voters Monday afternoon – the fast growing community of Latinos in Central Florida, an area where the Republican last campaigned in 2002. Hundreds of thousands of Latinos, mainly Puerto Ricans, have settled in Central Florida in the years since Bush last served as governor. They include many Puerto Ricans who have fled the island’s economic woes and diminishing opportunities.
  • Exodus from Puerto Rico could upend Florida vote in 2016 presidential race

    07/27/2015 8:11:01 AM PDT · by C19fan · 43 replies
    Washington Post ^ | July 26, 2015 | Mary Jordan
    Puerto Rico’s economic crisis meant Jeffrey Rondon, 25, struggled to find even part-time work, so he recently joined the growing exodus from his Caribbean island to Florida. Now he holds a full-time restaurant job and something that could upend the 2016 presidential election — the right to vote in Florida, the biggest of all swing states. “It’s important to vote and be heard — it’s a privilege,” said Rondon, who is one of thousands of Puerto Ricans who have moved to Florida in the past year.
  • No, Puerto Rico Is Not Our Greece

    07/21/2015 5:08:46 AM PDT · by SeekAndFind · 6 replies
    RCM ^ | 07/21/2015 | Robert Samuelson
    We're told that Puerto Rico is our Greece, and sometimes it seems so. The U.S. territory (its residents have been American citizens since 1917) has a heap of economic problems. Gov. Alejandro Garcia Padilla recently told the New York Times that its $72 billion debt is "not payable." To buttress the point, he commissioned a study of the island's economy by Anne Krueger, a highly respected economist who was a top official of the International Monetary Fund. Her report makes for grim reading. Since 2005, Puerto Rico's economy has shrunk by about 10 percent. Its population is also declining, from...
  • Jeb Bush reaffirms his support for Puerto Rico to become 51st state

    07/18/2015 10:32:08 AM PDT · by ek_hornbeck · 84 replies
    Daily Mail ^ | 4/28/15 | Jill Reilly
    Jeb Bush reaffirmed the idea for Puerto Rico statehood on Tuesday during a visit to Puerto Rico, winning great applause. The former Florida governor and 2016 GOP presidential prospect delivered a speech on economic opportunities peppered with Spanish. He's fluent in the language, and often uses it in Florida, but it's rarely heard in Republican presidential campaign politics.
  • Puerto Rican congressman tells millions of Hispanics to become citizens

    07/16/2015 7:36:13 AM PDT · by BradtotheBone · 16 replies
    Daily Mail ^ | 15:06 EST, 15 July 2015 | David Martosko
    A Democratic congressman wants millions of people who hold U.S. green cards to become American citizens in order to send Donald Trump and other Republicans a message that they're 'mean and frankly, let’s be honest, racist.' Louis Gutierrez, who is the senior House Democrat from Illinois and a Puerto Rican immigrant, spoke on the House floor just after 10:00 Wednesday morning, delivering a message especially to more than 5 million Hispanic U.S. residens who are eligible for citizenship today. 'Every time you see Trump’s face on your TV, vow to learn a little more English or a few more history...
  • Schaeuble offered [U.S.] Greece for Puerto Rico

    07/09/2015 4:10:31 PM PDT · by cll · 11 replies
    Business Insider ^ | 7/09/2015 | Myles Udland
    Greece is scrambling to get a new bailout package with its European creditors. These negotiations are playing out both behind closed doors and in public. And on Thursday at an event in Frankfurt, German finance minister Wolfgang Schaeuble didn't exactly strike a particularly sincere tone when talking about Greece and the other major debt crisis going on right now, Puerto Rico. According to Bloomberg, Schaeuble said, "I offered my friend [US Treasury Secretary] Jack Lew these days that we could take Puerto Rico into the euro zone if the U.S. were willing to take Greece into the dollar union. He...
  • House GOP opposes bankruptcy protections for Puerto Rico

    07/08/2015 2:44:30 PM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Jul 8, 2015 5:32 PM EDT | Erica Werner
    Leading House Republicans declared their opposition Wednesday to allowing debt-ridden Puerto Rico access to Chapter 9 bankruptcy protections, raising new uncertainty about how the island can emerge from its financial crisis. A statement from House Judiciary Chairman Bob Goodlatte of Virginia said members of his committee share a concern that “to provide Puerto Rico’s municipalities access to chapter 9 of the Bankruptcy Code would not, by itself, solve Puerto Rico’s difficulties, which are associated with underlying, structural economic problems.” …
  • Jeb Bush and Hillary Clinton support bankruptcy rights for Puerto Rico

    07/07/2015 1:57:54 PM PDT · by jimbo123 · 21 replies
    CNN ^ | 7/7/15 | Heather Long
    Puerto Rico has two very powerful allies in its debt drama: Jeb Bush and Hillary Clinton. Both 2016 presidential candidates support giving Puerto Rico the same legal bankruptcy rights that states have. Puerto Rico's governor has been lobbying hard for the change to help deal with the commonwealth's $73 billion debt. There's a bill in Congress to give Puerto Rico what it wants, but it has no co-sponsors. That's why Bush and Clinton's backing could be key. "I think that Puerto Rico ought to be treated as other states are treated as it relates to restructuring," Bush said during a...
  • Economic hardships in Puerto Rico spur a mass exodus to the U.S. mainland

    07/07/2015 6:17:26 AM PDT · by Kartographer · 26 replies
    MiamiHerald.com ^ | 7/6/15 | NANCY SAN MARTIN
    “It’s hard to quit and start over but I have no choice,” said Puente, who was born in Bayamón. “My kids are worried and ask many questions but they understand. We don’t even have money to go to the movies. The cost of living is too high. “The government gives money to the people who don’t work, to those doing drugs, living on welfare,” she said. “I’m not willing to do that anymore.” The new sales tax — now surpassing that of any U.S. state — is just one of many measures underway to help resolve a financial crisis that...
  • Puerto Rico Shows Greece Needs €50 Billion A Year: And Would Still Fail Even Then

    07/06/2015 12:21:37 AM PDT · by bob_denard · 4 replies
    Forbes ^ | 7/05/2015 | Tim Worstall
    It’s true, as Paul Krugman says, that Greece and Puerto Rico are not in exactly the same position. PR is bust to some extent, yes, but it’s not in the middle of a catastrophe, as Greece is. However, there is also a similarity in their situations, one that’s extremely instructive. They’re both suffering from being in a monetary policy zone, a currency zone, that isn’t really suitable for their circumstances. One of the two is in a fiscal policy union as well as that monetary union, the other is not. And it’s long been agreed that if you’re to have...
  • ‘Dinner With Hillary’ Contest Changes Fine Print To Not Exclude Illegals

    07/05/2015 8:28:36 PM PDT · by E. Pluribus Unum · 29 replies
    World Net Daily ^ | July 5, 2015 | Patrick Howley
    The Hillary Clinton campaign’s “Dinner With Hillary” contest has slightly different fine print than past Clinton campaign contests. The rules have been altered so as not to explicitly exclude illegal immigrants from entering.As The Daily Caller reported, the Clinton campaign’s “Meet Hillary” contest, which closed for entries June 5, prohibited DREAMers from entering or winning prizes.“Promotion open only to U.S. citizens, or lawful permanent U.S. residents who are legal residents of the 50 states, DC or Puerto Rico and 18 or older (or age of majority under applicable law),” according to that contest’s fine print.But the new “Dinner With Hillary”...
  • Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System

    07/05/2015 3:52:11 PM PDT · by SeekAndFind · 54 replies
    TEC ^ | 07/03/2015 | Michael Snyder
    The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses. This week, Puerto Rico Governor Alejandro Garcia Padilla publicly announced that Puerto Rico’s 73 billion dollar debt is “not payable,” and a special adviser that was recently appointed to help straighten out the island’s finances said that it is “insolvent” and will totally run out of cash very shortly. At this point, Puerto Rico’s debt is approximately 15 times larger than the per capita median debt of the 50 U.S. states. Yes, the Greek debt crisis is larger,...
  • Will Puerto Rico Cause An Inadvertent “Black Swan” Derivatives Melt-Down?

    07/05/2015 11:55:20 AM PDT · by Lorianne · 24 replies
    IRD ^ | 30 June 2015 | ?
    I really had not been paying much attention to the Puerto Rico debt situation. After all, $72 billion in debt that might go bad – big deal. The Fed can print up $72 billion in credit lines with the push of a button. But a friend of mine happened to mention to me today (Monday) that MBIA’s stock was down over 23% and Assured Guaranty’s stock was down over 13%. That woke me up. Companies like MBI and AMBAC underwrite credit “enhancement” guarantees on these massive cesspools of debt – and the associated derivatives that are “wrapped around” the debt...
  • Progressive Paradise Lost

    07/04/2015 10:07:58 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The Daily Signal ^ | July 1, 2015 | Salim Furth
    It’s a progressive paradise.Public employees get 30 vacation days a year. Anyone who works over eight hours in a day gets paid time-and-a-half. Employees have strong rights.The minimum wage is high: 77 percent of the median wage.Environmental regulations are settled beyond the pressure of local economic interests. The forests and mountains are pristine destinations for ecotourism.Energy costs are kept high, pushing consumption down to a level deemed “socially beneficial”. Utilities have strong public backing and provide jobs to thousands.Union jobs in shipping are protected from outsourcing to cut-rate foreign competitors.The social safety net is buoyant and provides a solid working-class standard...
  • Why anyone who compares Puerto Rico to Greece is wrong

    07/04/2015 6:36:17 AM PDT · by SeekAndFind · 16 replies
    Washington Post ^ | 07/04/2015 | By Matt O'Brien
    Its economy has been shrinking for years, its debts have been piling up for even longer, and its government has finally admitted that even brutal tax hikes and spending cuts wouldn't be enough for it to pay back everything it owes. I'm talking, of course, about Puerto Rico. Its governor, Alejandro García Padilla, admitted to the New York Times on Sunday that the island is going to have restructure its $72 billion in debt that is "not payable." Now, if it sounds like you've been hearing some variation of this story for years now, it's because you have—just about Greece....
  • The Greeks Invented Mathematics, and Now It’s Bankrupting Them

    07/02/2015 7:39:59 AM PDT · by SeekAndFind · 24 replies
    National Review ^ | 07/02/2015 | Kevin Williamson
    In the short term, the world runs on words; in the long term, the world runs on numbers. It is as though the Muses came to an agreement: In the here and now, mankind is subject to rhetoric, but mathematics gets the final say. In Athens, in San Juan, in Detroit, in Sacramento, in Springfield, and, soon enough, in Washington, Mathematics is arousing herself from her torpor, and she is cranky as hell. The long term is here. Greece has defaulted on its sovereign debt, and its banks have been shut down. Television viewers accustomed to watching a few odd...
  • ‘This Is An Insult’: Ann Coulter and Geraldo Rivera Clash Over Illegal Immigration and Crime [VIDEO]

    07/01/2015 7:53:49 PM PDT · by SeekAndFind · 34 replies
    The Blaze ^ | 07/01/2015 | Billy Hallowell
    Ann Coulter and Geraldo Rivera clashed on Tuesday night over illegal immigration and Republican presidential candidate Donald Trump’s controversial claim that Mexico is ”sending people that have lots of problems” to America. “When Mexico sends its people, they’re not sending their best,” Trump said when announcing his candidacy. “They’re sending people that have lots of problems, and they’re bringing those problems with us. They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people.” Coulter, who takes a hard line on illegal immigration, didn’t defend Trump directly but said she believes the government should be using...
  • How will the National Socialist Left’s excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 38 replies
    It’s axiomatic that when a socialist regime hits the skids, the left will generally try to claim that such regime is ‘right wing’ somehow. Such claims can and will be completely irrational on their face, but for the national socialist Left it’s all about talking points and a simplistic ( but ‘superior’) mentality that favors headlines and shallow thought on the subject And before you complain that I dare use the word ‘national’ next to the word ‘socialist’ I would ask that you please explain in detail (with documentation) Just how in Hades’ the word national modifies the meaning of...
  • Obama urges Congress to pass law letting Puerto Rico declare bankruptcy, time to let Illinois...

    07/01/2015 11:02:05 AM PDT · by re_tail20 · 28 replies
    Illinois Policy Institute ^ | June 30, 205 | Mike Shedlock
    Puerto Rico is bankrupt. The key problem is that while municipalities can declare bankruptcy, states and territories cannot. President Barack Obama recognizes the problem. “No federal bailout for Puerto Rico” is the White House’s position. Instead, he urges Congress to pass a bill allowing Puerto Rico to declare bankruptcy. The Associated Press gives details: “The White House threw cold water Monday on the notion of bailing out Puerto Rico from its financial crisis, instead urging Congress to consider changing the law so the island can declare bankruptcy. “On the heels of a dismal economic report, Puerto Rico’s governor has warned...
  • Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis

    07/01/2015 7:36:28 AM PDT · by Enlightened1 · 43 replies
    End of the Amercian Dream ^ | 06/30/15 | Michael Snyder
    Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece. On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either. In fact, the Obama administration has already completely ruled out any sort of federal bailout for the island. Barack Obama is assuring us that everything is going to be just fine and that we are not headed for another global financial crisis....
  • Puerto Rico's Financial Crisis Is U.S.' Crisis, Too

    07/01/2015 6:33:34 AM PDT · by SeekAndFind · 14 replies
    IBD ^ | 07/01/2015
    With the financial world transfixed by Greece's debt-driven meltdown, Puerto Rico announces it can't pay its $73 billion in debt. Once again, we're learning that welfare statism is no replacement for fiscal responsibility. Compared to Greece's $353 billion in debt, Puerto Rico's $73 billion doesn't sound so big. On a per capita basis, it's about a third less. But appearances deceive. Puerto Rico is in deep, owing actually much more than that amount. We learned this after a report on Monday, co-authored by former International Monetary Fund No. 2 Anne Krueger, revealed the island's finances are a shambles. The devastating...
  • Puerto Rico's Crushing Debt Is Unpayable – And The Fallout Will Hit Florida

    06/30/2015 12:36:02 PM PDT · by Kartographer · 32 replies
    WLRN ^ | 6/30/15 | Tim Padgett
    As WLRN has reported this year, the U.S. commonwealth of Puerto Rico is staggering under $73 billion in debt. The Caribbean island’s governor is giving a speech this afternoon to announce it’s unpayable. And that could have a significant economic impact here in South Florida. How bad is Puerto Rico’s financial crisis? Its debt load equals three-fourths of its entire economy. Governor Alejandro García Padilla has conceded that Puerto Rico can no longer make payments on a debt that massive. Annual trade between Florida and Puerto Rico is about $2 billion. Bankruptcy attorney Charles Tatelbaum of the Fort Lauderdale law...
  • Greek PM proposes a union with San Juan: New nation to be called "Puerto Greco"

    06/30/2015 8:01:37 AM PDT · by ken5050 · 11 replies
    one man's opinion...
    In a surprising last minute effort to solve his country's overwhelming financial crisis, Greek PM Tsipris proposed that his nation merge with US protectorate Puerto Rico. Tsipris said this would immediately solve Greece's financial problems, as Obama will no doubt soon move to bail out Puerto Rico, and Greece would, as part of the new nation, be included.
  • Puerto Rico’s governor on need to postpone debt payments for years: ‘It’s about math’

    06/29/2015 4:16:46 PM PDT · by mojito · 18 replies
    WaPo ^ | 6/29/2015 | Michael A. Fletcher
    The governor of Puerto Rico said in a televised address Monday that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States. “This is not about politics,” said Puerto Rico’s governor, Alejandro Garcia Padilla. “It’s about math.” “The first step is to revive economic growth...We will never get out of this vicious cycle,” said Garcia Padilla. “But we need to do more—much more—to return to riches and to become more competitive and have an...
  • Jeb Bush Supports Chapter 9 for Puerto Rico

    06/29/2015 1:40:36 PM PDT · by jimbo123 · 15 replies
    Newsmax ^ | 6/29/15 | Courtney Coren
    Former Florida Gov. Jeb Bush has said that he supports Puerto Rico filing for bankruptcy in the face of the massive debt the Caribbean island is facing. When Bush visited Puerto Rico, which is a U.S. territory, on a campaign stop in April, he told a crowd that the public agencies in Puerto Rico should be able to seek bankruptcy under Chapter 9, according to the Puerto Rico Report.
  • It's Not Politics, It's Math

    06/29/2015 11:19:04 AM PDT · by SatinDoll · 15 replies
    The Market-Ticker ^ | June 29, 2015 | Karl Denninger
    No, really? (smiley face) “The debt is not payable,” Mr. García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.” Well I'll be damned. On the other side of the table, of course, are hedge funds that bought the debt when Puerto Rico got in trouble at a deep discount and expect 100 cents on the dollar. They're not inclined to bargain, and will now (of course) look to the government to hand them a gun to use on Padilla. Unfortunately that doesn't change the math either....
  • Puerto Rico now belongs to Wall Street [Governor Admits Debts Cannot be Paid]

    06/29/2015 9:27:01 AM PDT · by SeekAndFind · 33 replies
    Business Insider ^ | 06/29/2015 | LINETTE LOPEZ AND SHANE FERRO
    The governor of Puerto Rico has admitted that it can't keep paying down the over $72 billion worth of public debt obligations. As a result, it finds itself in a uniquely awful position. It can't go into bankruptcy according to its own laws, so now it has to deal exclusively with its creditors to restructure its debt. That means it has to deal with Wall Street. "I think the surprise was that it happened this quickly," said Brian Kelly, CEO of Connecticut-based fund Brian Kelly Capital. "We thought it would take 6 months to a year... the solution is a...
  • If you like the Greek debt crisis, you'll love the Puerto Rico meltdown

    06/29/2015 6:43:57 AM PDT · by SeekAndFind · 32 replies
    American Thinker ^ | 06/29/2015 | Rick Moran
    The governor of Puerto Rico told the New York Times that the island cannot pay back it's $72 billion debt and will seek permission from its creditors to defer payments. The news precedes an address by Governor Alejandro Garcia to the Puerto Rican legislature, where he will unveil a budget that cuts about $670 million from a $9.8 billion budget, while setting aside another $1.5 billion to pay the debt. Fox News: Gov. Alejandro Garcia Padilla's spokesman, Jesus Manuel Ortiz, confirmed that the island's government is seeking to defer payments while negotiating with creditors. He confirmed comments by Garcia that appeared...
  • Puerto Rico governor warns public debt not payable

    06/29/2015 4:51:26 AM PDT · by cll · 23 replies
    Fox News ^ | 06/29/2015
    Puerto Rico's governor believes the U.S. territory will not be able to pay back its $72 billion public debt, a spokesman told the Associated Press late Sunday. Gov. Alejandro Garcia Padilla's spokesman, Jesus Manuel Ortiz, confirmed that the island's government is seeking to defer payments while negotiating with creditors. He confirmed comments by Garcia that appeared in a report in The New York Times published late Sunday, less than a day before Garcia is scheduled to deliver a public address amid debate on a $9.8 billion budget that calls for $674 million in cuts and sets aside $1.5 billion to...
  • Puerto Rico is America’s Greece

    06/23/2015 4:41:20 AM PDT · by SeekAndFind · 9 replies
    Washington Times ^ | 06/23/2015 | By Richard W. Rahn
    Like Greece, the Puerto Rican government has more debt than it can service, and some are calling for a bailout by U.S. taxpayers. The major Puerto Rican state-owned or controlled enterprises are all losing money, including the power authority which is insolvent. Puerto Rico is an American territory that was acquired from Spain in 1898 during the Spanish-American War. The island has a population of about 3.6 million, which is declining as many Puerto Ricans emigrate to the U.S. mainland or elsewhere because of the continuing economic stagnation. Puerto Ricans are American citizens, but their per capita income is about...
  • Judge’s ruling threatens upheaval of Puerto Rico gun laws(Open-carry, no permit for purchase, CCW)

    06/22/2015 12:26:35 PM PDT · by 2ndDivisionVet · 11 replies
    Guns.com ^ | June 22, 2015 | Chris Eger
    local court in the Commonwealth of Puerto Rico this month issued a stern ruling that could end some of the strongest gun laws in the country. Taking control of Puerto Rico’s strict firearms statutes is Judge Lugo Anibal Irizarry, sitting in the Court of Salinas, who found the U.S. territory’s Ley de Armas unconstitutionally prohibitive and in violation of the Second Amendment as part of a class action lawsuit brought by 850 plaintiffs. As Irizarry’s 42-page (Spanish) ruling reads, explained by the Second Amendment Foundation, Puerto Ricans in the Commonwealth may now carry openly or concealed without a permit, and...
  • Judge rules key parts of Puerto Rico's Weapons Law unconstitutional

    06/19/2015 7:38:04 AM PDT · by cll · 10 replies
    NotiCel ^ | 06/18/15
    I apologize but the article is in Spanish, since Puerto Rico courts conducts business primarily in Spanish. Everything gets translated into English but it takes time. I have not found an English language news source that has covered this yet. So I'll give you a summary. The court that has handed the decision is a Puerto Rico Superior Court, which is two notches below the Puerto Rico Supreme Court. Puerto Rico has a very restrictive weapons permit legal scheme. The administrative requirements to obtain a permit even contradict the law itself, by keeping certain onerous requirements that existed prior to...
  • Pope: Marriage between man and woman is threatened by gender ideology

    06/08/2015 4:02:18 PM PDT · by NKP_Vet · 10 replies
    https://www.lifesitenews.com ^ | June 8, 2015 | Thaddeus Baklinski
    This morning Pope Francis told the bishops of Puerto Rico, in Rome on their ad limina visit, that the beauty of marriage between man and woman is threatened by the ideology of gender. He also urged them to emphasize family pastoral ministry in order to counteract serious social problems resulting from the assault on traditional family values. Noting that "so-called gender ideology" is challenging the complementarity between a man and a woman under the guise of seeking a more just society, the Holy Father said, "Let me to draw your attention to the value and beauty of marriage. The differences...
  • Huge Lava Lake Spotted on Moon Orbiting Jupiter

    06/06/2015 3:54:11 PM PDT · by lbryce · 25 replies
    Business Standard ^ | June 7, 2015 | A US radio telescope has captured images of an enormous lava lake on the surface of Io, one of the
    A US radio telescope has captured images of an enormous lava lake on the surface of Io, one of the moons orbiting the planet Jupiter, the Puerto Rico Astronomy Society (PRAS) reported. "The new images clearly show an enormous lake of lava, fed from the subsoil and which exists permanently," PRAS vice president, professor and scientist Armando Caussade said in a statement. The Large Binocular Telescope Observatory in Arizona was the one that spotted the mass of lava in the region known as Loki Patera, a volcanic pit measuring approximately 200 kilometers (124 miles) in diameter. PRAS spokesman Juan Villafańe...
  • Eight Things We Think We Know About Puerto Rico

    05/12/2015 6:44:14 AM PDT · by cll · 14 replies
    Summary •Puerto Rico's borrowings represents an exceptionally complex set of credits in the (already arcane-enough) municipal bond market. •The Legislature's recent rejection of the Governor's tax reform proposal leaves fewer options to balance the budget and raises liquidity concerns. ~ snip ~ Puerto Rico released its most recent quarterly financial report on May 7. The report's list of risk factors includes the possibility of the Commonwealth running out of cash and defaulting on debt payments as soon as September. As organizations go, state and local governments are hideously illiquid. Even in the best of times, their political constituents do not...
  • After setback, Puerto Rico governor lays out recovery agenda

    05/01/2015 6:25:31 AM PDT · by cll · 6 replies
    Reuters ^ | 4/30/2015
    Fresh off a setback on his tax reform plan, Puerto Rico's governor laid out a recovery roadmap on Thursday for the U.S. commonwealth's struggling finances. In his state of the Commonwealth address, Governor Alejandro Garcia Padilla chastised the Puerto Rico House of Representatives for rejecting tax changes critical to his financial recovery plan, saying it made recovery harder but not impossible. Padilla said he will form a group of financial experts charged with improving Puerto Rico's liquidity and another to take on a reorganization of the government. He also released an agenda that calls for spending cuts in all government...
  • Sorry, Jeb, Puerto Rican Statehood Is an Awful Idea

    04/30/2015 8:21:30 AM PDT · by SeekAndFind · 60 replies
    National Review ^ | 04/30/2015 | The Editors
    ‘Puerto Rican citizens — U.S. citizens — ought to have the right to determine whether they want to be a state,” Jeb Bush said this week. But they have had the right to determine that several times, and they seem to have determined the answer: No. The former Florida governor also said he thought statehood was a good idea on the merits, which it plainly is not. The most recent occasion for Puerto Ricans to weigh in was 2012, when they technically did end up voting for statehood — in a ballot process that would make Vladimir Putin blush. Voters...
  • Puerto Rico on the Brink (Leftists wail for more money)

    04/30/2015 8:03:04 AM PDT · by pabianice · 28 replies
    Puerto Rico is in trouble, after years of bad policies, mismanagement, excessive debt and bad luck. Its economy has been shrinking or stagnant for a decade and the unemployment rate sits at nearly 12 percent. The commonwealth and its utilities have a debt of $73 billion, its public pension funds are woefully underfunded and one state agency has warned that the government could be forced to shut down soon because it might run out of money. Lawmakers in Washington and San Juan need to come up with a plan that addresses the financial and economic problems of the territory, which...
  • Puerto Rico bank warns of imminent government shutdown

    04/23/2015 11:01:54 AM PDT · by Kartographer · 25 replies
    AP via Yahoo News ^ | 4/22/15 | DANICA COTO
    Puerto Rico's Government Development Bank warned Wednesday that it is very likely the U.S. territory's government could be forced to shut down in the next three months because of a lack of funds. The bank made the warning in a letter made public a day after it was sent to Gov. Alejandro Garcia Padilla and the presidents of the island's Senate and House of Representatives. "The island's financial state is extremely uncertain," the letter said. "A government shutdown would have a devastating impact on the economy, with salary and public service cuts, and a long and painful recovery."
  • Puerto Rico officials: Our government is likely to shut down and it will be devastating

    04/23/2015 7:58:50 AM PDT · by SeekAndFind · 38 replies
    Business Insider ^ | 04/23/2015 | EDWARD KRUDY, REUTERS
    Puerto Rico's top finance officials said the government of the US territory will most likely shut down in three months because of a looming liquidity crisis, and they warned of a devastating impact on the island's economy. In a letter to leading lawmakers, including Gov. Alejandro Padilla, the officials said a financing deal that could potentially salvage the government's finances looked unlikely to succeed. It warned of laying off government employees and reducing public services. "A government shutdown is very probable in the next three months due to the absence of liquidity to operate," the officials said. "The likelihood of...
  • Stop Letting the Rich Move to Puerto Rico as a Tax Haven

    04/14/2015 6:23:43 AM PDT · by cll · 46 replies
    The New York Times ^ | 04/14/2015 | Edward Kleinbard
    Now that you’ve created the next great app and your investment in your startup is worth a billion dollars, at least on paper, it’s time for a really difficult challenge: how to cash out without paying capital gains taxes anywhere in the world? With no U.S. or Puerto Rican tax on much investment income of new residents, U.S. citizens now can pay zero tax on capital gains. For several hundred affluent Americans over the last couple of years (including Toby Neugebauer, a key financier to Ted Cruz) the answer has been to establish a principal residence in Puerto Rico, and...
  • Treasury Officials Increase Efforts With Finances of Puerto Rico

    04/14/2015 6:12:19 AM PDT · by cll · 6 replies
    The New York Times ^ | 04/13/15 | Michael Corkery and Mary Williams Walsh
    Antonio Weiss, the former Wall Street banker who became a top adviser to the Treasury secretary this year, has made two trips to Puerto Rico in recent weeks. Kent Hiteshew, who runs the Treasury Department’s office of state and local finance, has also met with government officials in San Juan multiple times this spring. The Treasury Department is quietly stepping up its involvement in Puerto Rico, indicating that the island’s financial problems, which have been simmering for years, are reaching a critical point. High-ranking officials have been shuttling between Washington and Puerto Rico, advising commonwealth officials as they try to...
  • Puerto Rico exports its drug addicts to Chicago

    04/11/2015 5:51:50 AM PDT · by libertarian27 · 14 replies
    WBEZ ^ | April 10, 2015 | Adriana Cardona-Maguigad
    It all started about a year ago when I began noticing more homeless men in the Chicago neighborhood where I work. Back of the Yards is a community that faces some of the city’s toughest problems: joblessness, crime, drug use. Many of these men would be sitting in doorways or shuffling along, many times asking for money. One day, I asked one of them: “Where are you from?” He told me a story that I later heard again and again and again. The men told me they were from Puerto Rico. They were addicted to heroin and they ended up...
  • Feds Consider Puerto Ricans Disabled Because They Speak Spanish

    04/06/2015 12:56:28 PM PDT · by Kaslin · 60 replies
    The Washingon Free Beacon ^ | April 6, 2015 | Elizabeth Harrington
    95 percent of Puerto Ricans speak SpanishThe Social Security Administration (SSA) approved disability benefits for hundreds of Puerto Ricans because they do not speak English, despite the fact that Puerto Rico is a predominantly Spanish-speaking territory.According to a new audit by the Office of Inspector General (OIG), the agency is misapplying rules that are intended to provide financial assistance to individuals who are illiterate or cannot speak English in the United States. Under the rules, Puerto Ricans are allowed to receive disability benefits for their inability to speak English as well.“We found the Agency did not make exceptions regarding the...