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Puerto Rico’s Disaster Is Also Its Golden Opportunity

The media and the Democrats are deseperate to find a Hurricane Katrina in Puerto Rico, and to deny President Donald Trump’s capable and compassionate response to Hurricanes Harvey, Irma, and Maria.

Detroit Bankruptcy

OC Ends 23-Year Bankruptcy as Illinois, Connecticut and Maine Default

As Orange County, Ca. was making its final bankruptcy bond payment to end its 23-year bankruptcy reorganization; Illinois, Connecticut, and Maine went into default shut-downs after failing to pass state budgets before the start of their July 1st fiscal years.

Puerto Rico bailout (Kathy Willens / Associated Press)

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.

California natural gas (Rich Pedroncelli / Associated Press)

CA Liberals’ Demand to Shut Power Plants Risks New Energy Crisis

The Los Angeles Times reports a new effort to shut down local natural gas power plants due to the possibility of a 21 percent electrical capacity glut by 2020. But shrinking the surplus generation cushion runs the risk of launching another energy crisis like the one that caused Governor Gray Davis’ recall.

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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

Puerto Rico bailout (Kathy Willens / Associated Press)

Puerto Rico Intends to Default Despite U.S. Aid

Despite Congress being ready to pass special legislation to restructure its $70 billion in debt, the Governor of Puerto Rico announced that the U.S. Territory will default on July 1.

Puerto Rico bailout (Kathy Willens / Associated Press)

Puerto Rico Defaults on $73 Billion in Debt at 5 PM

With the governor of Puerto Rico refusing to pay interest on $370 million of $73 billion of debt by 5 p.m. on Monday, May 2, the U.S. territory will enter the third-largest default in history of the planet.

Puerto Rico bailout (Kathy Willens / Associated Press)

Conservatives Blast Puerto Rico $33B Debt Forgiveness

Although House Speaker Paul Ryan (R-WI) warned that Congress needs to “bring order to the chaos” in Puerto Rico, conservative House Republicans are giving the cold shoulder to a plan that would let Puerto Rico wipe out $33 billion of its $73 billion debt in bankruptcy.

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Greek Meltdown Watch: Yanis Varoufakis Resigns as Finance Minister

As Greece breaks apart on the rocky shores of the European Union, the man who did so much to run his nation’s finances aground has decided to call it quits. The New York Times sees the sudden resignation of “combative” Finance Minister Yanis Varoufakis as a gesture of “conciliation” between the socialist Syriza government and a thoroughly fed-up European Union, but it might be premature to talk about Greece making peace with its creditors.

San Bernadino (Lucy Nicholson / Reuters)

Pensions Earthquake: San Bernardino Defaults–After Bankruptcy

San Bernardino, which owed almost $10 million on its pension bond debt ever since it declared bankruptcy in 2012, has defaulted, according to Reuters. Since September, the city has avoided dealing with the bondholders, who have been left out in the cold.