Posted on 08/03/2015 1:59:20 PM PDT by C19fan
Puerto Rico chose not to make a $58 million bond payment on Monday, a move that essentially amounted to a default for the first time in its 117 years as a United States possession.
Although the territory did make a payment on the interest of about $628,000, it said it lacked the funds to make the full payment.
(Excerpt) Read more at nytimes.com ...
Please default. PLEASE!
A lot of large investment portfolios have PR bonds because they are exempt from federal and state tax.
It is coming
This our US terrority version of Greece here
Lots of Puerto Ricans are bailing out and moving to Florida. Orlando area is popular. They might tip Florida into the Democrat column
Puerto Rico’s annual income per person was around $12,000 in 2004, less than half that of Mississippi, the poorest state. More than 48% of the island’s people live below the federally defined poverty line. That poverty rate is nearly four times the national average, and more than twice as high as in poor states such as Kentucky, Louisiana, Mississippi and West Virginia.
http://www.economist.com/node/6980051 _________ (2006 article)
of course, PR thinks Uncle Sam will bail the island out. I’ve got a better solution: we’ll pay Puerto rico’s debt in exchanged for giving the island immediate independence.
Any of these have value?
List of government-owned corporations of Puerto Rico
https://en.wikipedia.org/wiki/List_of_government-owned_corporations_of_Puerto_Rico
Another wonder from down under-— give PR back to themselves. We have enough problems.
If governments default, banks, and hopefully foreign nations, will stop lending to them. Although the latter is hardly guaranteed.
They paid just 1% of payment due? really?
Good thing the SCoPR declared the 2nd Amendment in full effect.
Quite a few of the Marine interventions in Latin America during the late 19th and early 20th centuries began with bad debt problems.
Oh, wait. Look how well that his succeeded with Mexico. Never mind.
What happens when they do fully officially default?
"Everything Free in America."
the difficult decision.......
pay the bank or meet the payroll
They don’t have to pay their debt. But they’ll have a hard time running up another deficit.
BTW Five gay guys put together West Side Story. Back when gays made solid contributions to American culture while straying in the closet. Now they want to undermine our culture.
What do Puerto Rico's men do all day? Some get into trouble. But many others hang out in pleasant places that require little money, such as beaches, shopping malls and the armchairs in Borders bookstores. They also watch plenty of television. Downtown Aguadilla may be shabby, but satellite dishes sprout from many rooftops. People always have money for that bill, says Mayor Méndez.
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