Posted on 06/29/2015 4:16:46 PM PDT by mojito
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 expansion in the private market.”
Garcia Padilla proposed creating a committee that would work together to create reforms to the country, but he said “sacrifices should be shared,” adding that he welcomed “creditors who want to cooperate.”
White House press secretary Josh Earnest told members of the media Monday that federal officials would work with Puerto Rican leaders to address financial challenges after the island's governor said it could not pay back its debt.
Puerto Rico’s move could roil financial markets already dealing with the turmoil of the renewed debt crisis in Greece. It also raises questions about the once-staid municipal bond market, which states and cities count on to pay upfront costs for public improvements such as roads, parks and hospitals.
(Excerpt) Read more at washingtonpost.com ...
It was about math when you got into this fix as well.
When is the next election? That’s when.
No, the first step is about getting the money to buy enough votes so you can win next time.
Let them be a new country and the cost of defending them from foreign powers shall equal their “debt”.
Kick them to the curb, you are a country now, have fun!
It would be a great time to just let peurto rico go be it’s own country, minus whatever millitary bases we have there...
So, this is telling me that Puerto Rico is making Detroit look well-managed and fiscally prudent?
Maybe they can petition the European Union. I think there's going to be an opening soon.
Oh. Well, don't try esplaining it to any Democrats, then.
too bad that racking up all that debt wasn’t about the math
Why were funds lent when the could not repay.
Because..math. Like, duh.
At the national level, García Padilla is a member of the Democratic Party of the United States.
In the many reports I’ve seen today this detail is mostly missing.
In fact...
Governors under the Constitution of the Commonwealth of Puerto Rico
1 Luis Muñoz Marín
1949 1965 Popular Democratic Party Independen
2 Roberto Sánchez Vilella
1965 1969 Popular Democratic Party Democrat
3 Luis A. Ferré
1969 1973 New Progressive Party Republican
4 Rafael Hernández Colón
1973 1977 Popular Democratic Party Democrat
5 Carlos Romero Barceló
1977 1985 New Progressive Party Democrat
6 Rafael Hernández Colón
1985 1993 Popular Democratic Party Democrat
7 Dr Pedro Rosselló
1993 2001 New Progressive Party Democrat
8 Governor Sila Calderon
2001 2005 Popular Democratic Party Democrat
9 Aníbal Acevedo Vilá
2005 2009 Popular Democratic Party Democrat
10 Luis Fortuño
2009 2012 New Progressive Partites
11 Alejandro Garcia Padilla - Democrat Party
https://en.wikipedia.org/wiki/List_of_Governors_of_Puerto_Rico
How many more of my tax dollars will be sent to them?
Which country is the reporter referring to? PR is a US territory, the country is United States.
Puerto Rico makes Greece look well run. At least in Greece, they have trickle down corruption.
And which party has run PR since like forever? None of the articles I’ve seen mention that. Basically South Baltimore.
Its not about “math,” its about SPENDING.
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