Puerto Rico defaults on $58M debt payment

UPI ^ | 8-4-2015 | Danielle Haes

[tcrlaf]

Puerto Rico paid only $628,000 on a $58 million debt bill due Monday, putting the country into default for the first time.

The country's Government Development Bank was supposed to make the full payment on its Public Finance Corporation debt service, but failed to do so. Moody's said it considers the lack of payment a default, CNBC reported.

"Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today (the first business day after the Saturday deadline)," GDB President Melba Acosta-Febo said in a statement.

[tcrlaf]

This Democrat-run paradise EXPECTS to be bailed out, or expects the creditors bend over, it seems.

You'll note that other than a few tokens, there have been no mass layoffs in the bloated government employees?

[dfwgator]

BOHICA America, here comes the bailout.

[Stanwood_Dave]

"Puerto Rico paid only $628,000 on a $58 million debt bill due Monday, putting the country U.S. Territory into..."

Fixed it. :{)

[GeronL]

$628,000??

They probably spend more than that on public pools.

[GeronL]

lol

They called it a country. lol

[VanShuyten]

Let’s see. PR got the cash, and the creditors got a piece of paper.
Looks pretty simple to me what should happen, and it won’t cost me a dime.

[LostInBayport]

I suppose it is too much to hope for that Puerto Rico will not be bailed out, and all fifty states observe the dire consequences of that and decide to get their own fiscal houses in order?

[Roman_War_Criminal]

So much for their “BORICUA”....

Now we’ll have more rican’s here on welfare!
Great for America!!!! Diversity and all!!! /s

[Red in Blue PA]

It’s only money; they make it every day.

That should be our new motto!

[tcrlaf]

“Now we’ll have more rican’s here on welfare! Great for America!!!! Diversity and all!!! “

And permanent Democrat-voting Majority in Florida.

[VAFreedom]

a country? wow, what kind of education did the writer get?

[dfwgator]

“Spend all you want, we’ll make more.”

[1010RD]

"Due to the lack of appropriated funds for this fiscal year...

Should read: "Due to socialist policies of Democrats we don't have the funds for this fiscal year

[Chode]

Due to the lack of appropriated funds anybody in the government that passed EC101, the entirety of the PFC payment was not made today

[Rome2000]

The place did OK until Clinton ended the 936 program and Bush let a bunch of communists chase out the Navy.

http://taxfoundation.org/blog/tax-policy-helped-create-puerto-rico-s-fiscal-crisis

http://www.washingtontimes.com/news/2004/apr/1/20040401-123456-9250r/?page=all

[Diana in Wisconsin]

If Trump wants my vote, he needs to pony up and buy PR so *I* don’t have to pay for it’s FAILURE!

*SMIRK*

[Eleutheria5]

Did Puerto Rico become a country? If so, it’s time for repo. If not, this is a good reason why it should become a country.

[MadMax, the Grinning Reaper]

Wire service writer. It figures.

Puerto Rico. A country? No, a “Territory”, Yes.

But I thought it was one of Obama’s 57 states, or was that 57 Heinz flavors, or 57 Islamic states?

I’m so confused.

[mrsmith]

So when the House conservatives refuse to raise the debt limit and get lambasted by the greedy media they just say.... "You're prejudiced against Puerto Rico culture!"

[SJackson]

putting the country into default, standards at UPI must be getting pretty low these days. For reporters and proofreaders.