After openly acknowledging on Monday that it had not made a $58 million bond payment, the Puerto Rico quietly disclosed in a financial filing later that afternoon that it had temporarily stopped making contributions of $92 million a month into a fund that is used to make payments on an additional $13 billion in bond debt, the New York Times reported today.
Puerto Rico in Distress
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Puerto Rico defaulted on a $58 million bond payment yesterday, a risky move that seemed to intensify the pressure on creditors for broader debt renegotiation, but might also make future borrowing far more difficult, the New York Times reported today.
The first visible sign that the health care system in Puerto Rico was seriously in trouble was when a steady stream of doctors — more than 3,000 in five years — began to leave the island for more lucrative, less stressful jobs on the mainland, the New York Times reported today.
UBS Group AG has confirmed a U.S. Justice Department criminal probe of an unnamed former employee in Puerto Rico, and disclosed a pair of related investigations by other regulators, the Wall Street Journal reported today. The former UBS employee is José Ramirez, a financial adviser who was fired last year.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.