The United States is backtracking from its historic position acknowledging Puerto Rico's right to self-governance, Puerto Rico's governor says in a pending U.S. Supreme Court case over double jeopardy laws, Reuters reported yesterday.
Puerto Rico in Distress
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As Puerto Rico runs out of cash and approaches a Jan. 1 due date for about $1 billion in debt payments, investors increasingly are uneasy about the fate of bonds sold with a near guarantee, the Wall Street Journal reported today. The bonds, backed by sales taxes and known by the Spanish acronym Cofina, were issued starting a decade ago to plug budget gaps and repay other lenders.
Puerto Rico’s beleaguered electric utility announced new progress late Wednesday in its continuing efforts to avoid a default on as much as one-eighth of the island’s total debt of $72 billion, the New York Times reported today.
Puerto Rico's governor Alejandro Garcia Padilla said yesterday that it is "very, very unlikely" there will be no default on debt due Jan. 1 and that the U.S. territory was evaluating which bonds are to be paid, Reuters reported yesterday. "Making a total payment will be (very unlikely)," Garcia Padilla said. "If a partial payment is to be done, which bonds should be paid?
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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.