Ritzy hotels and luxury restaurants are sprouting up along Puerto Rico’s white-sand beaches and crystalline waters. Hedge fund executives and crypto exiles are moving in, lured by lucrative tax breaks. But it’s the hum of privately owned generators that make those lifestyles possible, and shield this set of the island’s inhabitants from the reality experienced by the vast majority.
Puerto Rico in Distress
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ABI Analysis
Puerto Rico’s bankrupt power utility reached a tentative agreement with a “substantial number” of its bondholders, according to a federal oversight board, and received another week to finalize a potential deal to reduce nearly $9 billion of debt, Bloomberg News reported. U.S.
The judge overseeing the bankruptcy of Puerto Rico’s power utility granted it an additional week — for the second time in the past 10 days — to reach a deal with bondholders as talks are progressing, Bloomberg News reported.
U.S. prosecutors and IRS agents are deploying undercover agents and closely examining records to build criminal and civil cases against wealthy individuals suspected of illegally taking advantage of tax breaks offered by Puerto Rico, Bloomberg News reported. The cash-strapped island used eye-popping incentives to lure hedge fund managers, cryptocurrency traders and other Americans to the U.S.
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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.