Replies

Actually, they should do this not only for Puerto Rico, but also fiscally irresponsible states such as California and Illinois.

Part of the cost of making such a bankruptcy declaration will be receivership managed by a third party to renegotiate all the public employee sweetheart pensions as well as loss of statehood and the right to vote in federal elections.

I, for one, would love to see the fiscally responsible counties in California to be able to band together and apply for readmission to the union as new conservative states.

7 posted on 03/14/2016 12:23:07 PM PDT by Vigilanteman (ObaMao: Fake America, Fake Messiah, Fake Black man. How many fakes can you fit into one Zer0?)

Why not just let them default on the bonds? Bonds have risks, which are balanced by rewards. PR bonds have been a highly rewarding investment, but the risk overtook that and now they are going to be defaulted on.

Why do any new laws need to be passed? If the bond-holders feel the terms of the bonds require things to happen in PR that are not happening (like selling assetts, or requiring higher taxes on residents) let them sue to enforce those terms.

9 posted on 03/14/2016 12:28:14 PM PDT by Jack Black ( "Disarmament of a targeted group is one of the surest early warning signs of future genocide")

Part of the cost of making such a bankruptcy declaration will be ... loss of statehood and the right to vote in federal elections.

Really? Sounds a lot better if that's true.

11 posted on 03/14/2016 12:39:51 PM PDT by libertylover (The problem with Obama is not that his skin is too black, it's that his ideas are too RED.)