Then cut them loose. Independence.
The politicians responsible for that debt should be prosecuted to the fullest extent of the law, including massive fines and prison time. That’s the only way it will stop.
I don’t want a bailout for a dependency at the expense of citizen taxpayers, especially after they were spending like drunken sailors for years because of tax breaks we gave their bonds.
“Puerto Rico’s debt will have to wiped out.”
A subtle message to China, maybe.
The is an old Chinese saying. ‘In the end, all debts are paid. If not by the debtor, then by the creditor.’
It will be a “package”, aka a crap sandwich, to pay off Wall Street using taxpayer dollars.
I seriously doubt Goldman Sucks is holding PR bonds .... those were long ago foisted upon GS Muppets.
When did Trump rejoin the democrats?
Then they better put an oversight team in place to ensure this doesn’t happen again.
Yeah, and then PR can get a secured credit card and start over. Illinois bond holders will be watching closely. Heck there may not be any Illinois bond holders- at any price- after PR declares bankruptcy.
Yup, there has to be a positive for doing that. No more money to them forever. Won’t be stupid shmucks to lose more money.
Personally I think hes wrong for wanting to do it.
“Today, the U.S. territory has nearly $70 billion in debt, an unemployment rate 2.5 times the U.S. average, a 45 percent poverty rate, nearly insolvent pension systems and a chronically underfunded Medicaid insurance program for the poor.....”
There’s that debt thingy again....
L
So, I guess it will be like the GM bailout. Remember that the preferred bond holders, who should have been paid FIRST in any bankruptcy, were shafted by the Obama administration.
Now, it appears Goldman Sachs, or other groups, will be forced to eat the debt. If so, the “rule of law” is extinct in the US.
If they do it for PUERTO RICO, they will have to do it for ILLINOIS,CALIFORNIA, NEW YORK, and every other blue state. Don’t go there, PRESIDENT TRUMP.
That means the lenders get wiped ouit not the American taxpayers. He actually said “Goldman Sachs”!! He aint payin. The wall street gang thought we would bail them out. To hell with them. Go TRUMP!!
They should not have been extended all that debt. I think major investment in PR should be private.
I’m afraid Donald Trump sees bankruptcies as no big deal.
Turn it into a big 1800 hole golf course resort. Will be very profitable.
They will never be able to pay it off anyhow.
Yeah we will wipe them off, but cut them lose too.