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Saturday, May 13, 2017

PUERTO RICO'S FINANCIAL CRISIS IS MOVING US INTO UNKNOWN TERRITORY

Feeling Rebloggy
Puerto Rico is closing 184 public schools in a move expected to save millions of dollars amid a deep economic crisis that has sparked an exodus to the U.S. mainland in the past decade, officials said Friday.
An estimated 27,000 students will be moved elsewhere when their schools close at the end of May, Education Department spokeswoman Yolanda Rosaly told The Associated Press.
No further details were immediately available. Rosaly said Education Secretary Julia Keleher would provide more details soon.
The announcement about the schools' closure was just latest news this week that saw the U.S. territory take an unprecedented step into federal court to restructure a portion of its $73 billion debt.
http://time.com/4769356/puerto-rico-public-school-closure/
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Feeling Rebloggy

Dealing with Puerto Rico’s crushing debt has started to resemble a circular firing squad.

 

Simply put, the bankrupt island can’t pay everything it owes, so creditors are taking aim at each other as they squabble over who will get what’s left. But the debt’s size and the tangled process invented to rescue Puerto Rico mean there’s no established rule book to shape what comes next...
Default Notice
The dispute over the sales-tax bonds, named Cofinas after the agency that issued them, began in earnest May 4. That’s when the trustee, Bank of New York Mellon Corp., sent a notice of default to the authority that sold the bonds. The object was to keep the government from diverting the sales-tax revenue to other purposes before it pays what it owes to investors...



bloomberg.com

headline


Puerto Rico’s Bankruptcy Fight Is About to Plunge Into the Unknown

Read More (Video is also at the link):
https://www.bloomberg.com/news/articles/2017-05-11/puerto-rico-debt-donnybrook-kicks-off-with-squabble-over-default