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Thread: Puerto Rico will default even with congressional aid

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    Puerto Rico will default even with congressional aid

    Puerto Rico will default even with congressional aid

    I was against the bail out. Why give them tax dollars only for them to do it anyway? Let them default. The one issue is retirement funds that invested in that territory. Maybe bail them out- with conditions.

    The rules for investment houses need to change. They are detailed and strict and force large companies to spread their investments out so much that at some point they may run out of smart investments and have money left that they have to do something with. So they by crap like Puerto Rican bonds.

    Two days before a potential historical default, Puerto Rico Governor Alejandro Garcia Padilla made it clear that the commonwealth won’t pay bondholders even as Congress votes on a bill allowing the island to restructure its $70 billion in debt.

    “On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island’s senior credits protected by a constitutional lien on revenues,” Garcia Padilla wrote in a editorial posted on a CNBC website.


    The lapse will mark the first time the U.S. territory has failed to pay what it owes on general-obligation debt, a $13 billion swath that its constitution says has the top claim to the government’s funds. Garcia Padilla previously said the commonwealth couldn’t raise enough to cover what’s owed to bondholders even if he shut down the government. The island has about $2 billion in principal and interest payments due Friday.



    “All the efforts up until now have already damaged relations with investors,” said Daniel Solender, who oversees $19 billion, including Puerto Rico securities, as head of municipals at Lord Abbett & Co. in Jersey City, New Jersey. “By taking a step to break the constitution, it makes it more definitive.”


    The default signals the depths of the crisis on the island, which had been tapping whatever funds it could to avoid missing payments on securities backed by the strongest legal pledge. The escalating strain prompted Congress to create a bill that would give Puerto Rico the ability to cut its debt and put a hold on bondholder lawsuits that could jeopardized its ability to pay for schools, police officers and health care. The Senate voted 68-32 Wednesday morning on the measure, setting up a final-passage vote as soon as this evening.
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    zelmo1234 (07-03-2016)

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    They need to work to get out of this themselves.

    The USA has their own default coming. Actually looking forward to that one, and the suffering it will bring to those that have their hand out and feel entitled to the fruits of others labor.

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    This is bleeding heart liberal stupidity at its finest

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    Quote Originally Posted by zelmo1234 View Post
    They need to work to get out of this themselves.

    The USA has their own default coming. Actually looking forward to that one, and the suffering it will bring to those that have their hand out and feel entitled to the fruits of others labor.
    Work to get out of it? No. Default. Then work to not live on debt spending.
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    Quote Originally Posted by Peter1469 View Post
    Work to get out of it? No. Default. Then work to not live on debt spending.
    This is a problem caused by liberal big spenders

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    Quote Originally Posted by Mac-7 View Post
    This is a problem caused by liberal big spenders
    Your team jumped on the band wagon as well. That is why I left the GOP in 2006. You guys were spending like drunken democrats.

    Neither the dems nor the GOP merit a ounce of trust when it comes to the public treasury.
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    Cool

    Puerto Rico seeks $94B for Hurricane Maria disaster relief...

    Puerto Rico seeks $94B for Maria disaster relief
    Nov. 13, 2017 -- Puerto Rico Gov. Ricardo Rossello unveiled a $94 billion disaster relief request to Congress on Monday to help the U.S. territory recover from Hurricane Maria.
    Island officials said the $94.4 billion request came after independent damage assessments to determine the funds necessary to restore and rebuild housing on the island as well as its infrastructure. "We aren't just asking for money. We are asking for what is needed. This disaster has been unprecedented," Puerto Rico's representative in Congress, Jenniffer Gonzalez, said.


    Puerto Rico Gov. Ricardo Rossello and other officials unveiled a $94 billion disaster relief request to Congress to help the island rebuild its housing and infrastructure after Hurricane Maria.

    A total of $31 billion from the request is expected to go toward housing assistance, 17.7 billion will be used to rebuild the island's power grid and $14.9 billion will be allocated to healthcare. "This is a critical step forward in the rebuilding of Puerto Rico where we're not only looking to rebuild as was before but we want to make it much stronger and much more resilient and make Puerto Rico a model for the rest of the Caribbean," Rossello said. Nearly eight weeks after the hurricane struck the island about 48 percent of Puerto Ricans have access to power, 73.5 percent of telecommunications and 2,070 people remain in 52 shelters, ABC News reported.

    Gonzalez and Rep. Jose Serrano, D-N.Y., introduced a bill that would allow relief funds provided by the Stafford Act, which details federal natural disaster assistance for state and local jurisdictions, to be used to construct a new power grid. "This legislation is a necessary modernizing tool that will allow states and localities to update critical energy systems and make them more resilient and efficient by providing them with necessary financial and technical assistance for such an endeavor, Serrano said. "Puerto Rico has been criticized for having an outdated electrical grid, and this is our opportunity to help them establish a better, more efficient replacement that would help the island face future hurricane seasons as well as save taxpayers money."

    https://www.upi.com/Top_News/US/2017...p&utm_medium=5

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    Quote Originally Posted by Peter1469 View Post
    Puerto Rico will default even with congressional aid

    I was against the bail out. Why give them tax dollars only for them to do it anyway? Let them default. The one issue is retirement funds that invested in that territory. Maybe bail them out- with conditions.

    The rules for investment houses need to change. They are detailed and strict and force large companies to spread their investments out so much that at some point they may run out of smart investments and have money left that they have to do something with. So they by crap like Puerto Rican bonds.
    1) Let them default
    2) Watch how they survive and the world doesn't end
    3) Set our own hard debt limit and defualt if they can't stop spending.

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    Quote Originally Posted by donttread View Post
    1) Let them default
    2) Watch how they survive and the world doesn't end
    3) Set our own hard debt limit and defualt if they can't stop spending.
    That was in 2016 but the same applies
    LETS GO BRANDON
    F Joe Biden

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    Quote Originally Posted by Common View Post
    That was in 2016 but the same applies

    We almost drew the line a few years ago but the the ADD people forgot all about debt limits.

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