Alexandria Ocasio-Cortez: U.S. Should Cancel Debt of ‘Invaded’ Colony Puerto Rico
Alexandria Ocasio-Cortez supports a Marshall Plan to rebuild hurricane-wracked Puerto Rico, referring to the island as an invaded colony.
PROMESA
Trump Puerto Rico Debt Wipe-out Crushes Wall Street
Bankrupt Puerto Rico’s bond prices plunged by over 30 percent after the White House confirmed President Donald Trump’s commitment to not bailing out Wall Street speculators who bought Puerto Rican debt.
Puerto Rico Governor Ricardo Rossello Secures $295 Million in Budget Agreement
San Juan – Puerto Rico Governor Ricardo Rossello made headlines in the territory when he defended the island’s request for more Medicaid funding after President Donald Trump blasted the proposal as a “bailout.” But behind the scenes, the governor is working closely with the Trump administration to win more fiscal support.
Puerto Rico to File Largest Public Sector Bankruptcy in History
Puerto Rico is set to file the largest public sector bankruptcy in history after vulture capitalist hedge funds that bought big pieces of the island’s $73 billion in defaulted debt for pennies-on the-dollar refused to take $24 billion haircut.
Defaulted Puerto Rico in Blackout Due to Corrupt Government Utility
All 3.5 million Puerto Ricans residents were without power for a second day Thursday following a fire at the grossly inefficient and allegedly corrupt government-owned electrical utility.
Obama Appoints Puerto Rico Control Board after Bond Default
The Obama administration has picked seven people to serve on a financial control board overseeing the restructuring of the Commonwealth of Puerto Rico’s $70 billion debt burden and $43 billion unfunded pension liability. Under congressional legislation signed after the island
Senate Passes Speaker Paul Ryan’s Puerto Rico Default Bill, Will Cut Payments to Bondholders
Senate conservatives lost their fight to protect investors when the Senate passed the Puerto Rico default bill, by 60 to 30 votes, on Wednesday.
Harry Reid Urges GOP-led Senate to Pass Speaker Ryan’s Puerto Rico Default Bill By July 1
“While there are many things we may not like about this compromise bill at the end of the day, this legislation provides the tools to allow Puerto Rico to restructure a meaningful portion of its debt. I wish we had something better,” said Senate Minority Leader Harry Reid (D.-Nev.).
Advocates of Puerto Rico Bill Say the Choice Is Between Orderly Restructure and Chaotic Collapse
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a bill in the U.S. House of Representatives that would, very broadly speaking, allow Puerto Rico to cancel nearly half of its $72 billion debt, in exchange for surrendering much control over its fiscal affairs to an independent financial control board.
Speaker Paul Ryan Pushes Puerto Rico Bondholder Cram Down on Conservatives
House Speaker Rep. Paul Ryan wants Congress to pass a law that would cause Puerto Rico bondholders who own $73 billion in notes from the territory’s government to be treated the same way the federal government treated Chrysler bondholders back in 2008 and 2009.
