gunDriller
30th June 2015, 05:11 AM
"The governor of Puerto Rico has admitted that the territory can't keep paying down its over $72 billion worth of public-debt obligations.
As a result, it finds itself in a uniquely awful position.
It can't enter bankruptcy, according to its own laws, so now it has to deal exclusively with its creditors to restructure its debt.
That means it has to deal with Wall Street."
http://www.businessinsider.com/puerto-rico-now-belongs-to-wall-street-2015-6
http://www.businessinsider.com/puerto-rico-governor-says-island-cant-pay-public-debt-2015-6
"Puerto Rico's governor is warning that the island can't pay its $72 billion public debt, delivering another jolt to the recession-gripped US territory as well as a world financial system already worrying over Greece's collapsing finances.
Gov. Alejandro García Padilla is hoping to defer debt payments while negotiating with creditors, spokesman Jesus Manuel Ortiz said Sunday night.
"There is no other option," García said, according to The New York Times. "I would love to have an easier option. This is not politics; this is math."
The comments came as legislators debate a $9.8 billion budget that calls for $674 million in cuts and sets aside $1.5 billion to help pay off the debt. The budget has to be approved by Tuesday."
I have the feeling that this has been the Shysters' game plan all along.
As a result, it finds itself in a uniquely awful position.
It can't enter bankruptcy, according to its own laws, so now it has to deal exclusively with its creditors to restructure its debt.
That means it has to deal with Wall Street."
http://www.businessinsider.com/puerto-rico-now-belongs-to-wall-street-2015-6
http://www.businessinsider.com/puerto-rico-governor-says-island-cant-pay-public-debt-2015-6
"Puerto Rico's governor is warning that the island can't pay its $72 billion public debt, delivering another jolt to the recession-gripped US territory as well as a world financial system already worrying over Greece's collapsing finances.
Gov. Alejandro García Padilla is hoping to defer debt payments while negotiating with creditors, spokesman Jesus Manuel Ortiz said Sunday night.
"There is no other option," García said, according to The New York Times. "I would love to have an easier option. This is not politics; this is math."
The comments came as legislators debate a $9.8 billion budget that calls for $674 million in cuts and sets aside $1.5 billion to help pay off the debt. The budget has to be approved by Tuesday."
I have the feeling that this has been the Shysters' game plan all along.