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| Economy |
| Puerto Rico Declares a Form of Bankruptcy |
| 2017-05-04 |
| [NYTIMES] Puerto Rico’s leadership moved on Wednesday to place the island’s debt crisis into federal bankruptcy court, making it the largest United States government entity to seek court refuge from its creditors in American history. The move sends Puerto Rico into uncharted territory. America’s recent spate of municipal bankruptcies has involved various state and federal laws, but Puerto Rico is not a state, so none of that hard-won precedent will apply. The outcome of its case could help determine where and how the deep financial troubles of certain states, such as Illinois, are resolved. On an island that has already been experiencing an exodus of its professionals and well-educated citizens, the move toward bankruptcy is widely perceived as another sign that Puerto Rico has lost all control of its future. The island has been in a painful recession since 2006, and previous governments dug it deeper into debt by borrowing to pay operating expenses. For the last two years, Puerto Rico has been seeking assistance from Washington, sending officials to testify before stern congressional committees and even making fast-track oral arguments before the United States Supreme Court. |
| Posted by:Fred |
| #6 And the US Gummint is not too far behind, given Congress spending habits. |
| Posted by: Alaska Paul 2017-05-04 16:09 |
| #5 Which explains why, a few weeks back, the "Puerto Rico Should Be Our 58th State" was floated. |
| Posted by: Bubba Craick3044 2017-05-04 10:22 |
| #4 Puerto Rico Libre. |
| Posted by: regular joe 2017-05-04 10:05 |
| #3 A good time for Blue Origin or SpaceX to by Roosevelt Roads to launch rockets - best place in the hemisphere. |
| Posted by: 3dc 2017-05-04 08:04 |
| #2 #1I wonder what idiots loaned them the money? Posted by: phil_b 2017-05-04 02:06 We by-God better find out. If PR is gonna pull this stunt then they had better be held to the same standards as Joe Schmoe, and document every last dime of income and expenditure. I am taking a bit of pride in my forecasting abilities, however - I figured they'd cry uncle no later than June 1st. Had last election day ended differently, they would have already had their bailout package. Mike |
| Posted by: Mike Kozlowski 2017-05-04 05:22 |
| #1 I wonder what idiots loaned them the money? |
| Posted by: phil_b 2017-05-04 02:06 |