Posted on 05/08/2006 2:36:26 PM PDT by Ebenezer
(English-language translation)
Moody's degraded Puerto Rico's credit rating today, thus aggravating the crisis that has left 90,000 public employees in the island without a job.
"This action reflects Puerto Rico's tense financial situation, the continuing political conflict, and the lack of agreement to [take] the necessary measures to end years of financial deterioration by the government," Moody's stated in a release.
The majority of the bonds, which were [originally] classified "Baa2", decreased to "Baa3", which is the limit for bonds [considered] healthy for investment.
However, according to Secretary of the Governor's Office Aníbal José Torres, the ratings firm degraded some of the island's bonds to "junk", which means that they are speculative investments.
"The degradation was made one step below, and not all to 'junk'", Torres maintained.
He explained that the 4 billion that were degraded to junk came from the extraconstitutional debt, which consists of what is paid through lines of credit.
Bonds are long-term loans that the government obtains and that allows it to develop infrastructure-related works such as bridges, schools, and highways.
Due to a fiscal crisis, the Puerto Rican government is, starting today, on its second week of shutdown, with 43 agencies not operating, 15 functioning partially, and only 60 offering services normally.
Over 90,000 public employees were laid off until June 30.
How's that statehood thing working out?
Now watch Congress bail them out with OUR money.
Is that Junk's brother or is that Junk himself?
There's no talk whatsoever about asking or even considering a federal bailout. Zero. Zip. Nada.
Close the borders fast!
Puerto Rico-----Welcome to the REAL WORLD! DON'T ask us, the USA, to bail you out....you've fed at the .....ah hell-just go paddle your own canoe!
You need to review your history.
yeah baby, I know I want to subsidize this third world cesspoll economy to become a United State. With a foreign culture.
This kind of thing would never happen on the mainland. 8^)
Notable government shutdowns that occurred in the United States include the December 16, 1995, to January 6, 1996, federal shutdown (furlough of an estimated 284,000 federal employees), which followed a brief November 14-19 (furlough of an estimated 800,000 federal employees), 1995 shutdown, and the 2005 Minnesota state shutdown, during the first two weeks of July, 2005.
Puerto Rico is an American overseas commonwealth. Its citizens are US citizens, with US Passports. they come in and go out of the United States as they please. They have Sears, Wal-Mart, and the National Guard
They always have three choices when it comes up for a vote: remain in their present status; try for statehood, become an independent nation. So far, they have voted to remain as an American Commonwealth.
The real Junk Yard Dawg!!!
"Over 90,000 public employees were laid off until June 30."
So that's how you get rid of useless, left wing functionairies - you spend yourself out of the bureaucracy. Cool.
You're a one-issue voter.
Thanks, I was being facitious.
Nope absolutely not. But my main concern right now is the issue I speak about most.
just glad i sold my property on STX last week... they're prolly next!!!
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