Posted on 12/30/2015 11:51:03 AM PST by cll
There's no "Happy New Year" for Puerto Rico.
Puerto Rico will default -- again -- on some of its bonds payments. The island owes about $1 billion to creditors on January 4.
Governor Alejandro GarcÃa Padilla said Wednesday that the island will make all payments except for $37.3 million. He claims the debts that will go unpaid were never guaranteed by Puerto Rico and the creditors should know this.
It will be the second default in the island's history. The first default occurred in early August.
Puerto Rico is trying to figure out how to deal with about $73 billion in debt. Governor Padilla has called it a "death spiral" for the island. The economy is in recession and people are migrating to the mainland U.S. at a rate not seen since the 1950s "West Side Story" era.
"We're out of cash," Governor Padilla recently told CNN.
(Excerpt) Read more at money.cnn.com ...
Ben Carson wants Puerto Rico to be the 51st state.
And so do I.
And obama wants it to be the 59th state.
IIRC, they came to us to pay off their debt and/or there’s some on going legislation to that effect.
The governor has started a GoFundMe account. /s
Like Greece, with cuckaraches.
Then you and I disagree.
We don’t need PR’s ‘rat voters, nor their socialist profligacy, nor their debt.
as soon as I saw the title I had “i like it here in America” in my head :)
my uncle used to tell me about the gang fights they had with the peurto Ricans in those days in Nyc.
No. Puerto Rico was explicitly excluded from the Chapter 9 bankruptcy code by Congress, meaning there’s no instrument available for Puerto Rico to restructure its debt in an orderly fashion. PR has been requesting that to be changed, not for a bailout.
They will become a democrat voting state. You and I will pay their debt.
“They had to include the gratuitious West Side Story reference...”
“Always the population growing . . . And the money owing...”
why do you want them to be a state? just wondering.
We have whatever PRs voters are now, and they are Americans, like it or not. They are no more or less profligate and socialist as your average GOP Congressman.
>> They are no more or less profligate and socialist as your average GOP Congressman.
Be that as it may, we need fewer profligate socialist congressmen, not more.
Puerto Rican statehood equals permanent ‘rat majorities in Congress, and permanent ‘rat POTUS. They will flock to the mainland in droves and screw up the economy and politics of every state where they settle. No thanks.
5.56mm
Puerto Rico has been running a government Ponzi Scheme for years.
Here’s an idea.....cut your budget until it can balance with what you bring in on taxes.
Would that be Spain with or without Catalan?
Personally, I think if PR has $37B in debt and can’t pay, somebody else has a big problem. And I’ll bet that “somebody else” has friends on K Street...and in Congress.
Why not Ebay?
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