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Puerto Rico, a commonwealth of the United States, has missed a debt payment for the third time. The island has $72 billion of debt:
Governor Alejandro Garcia Padilla calls it a "humanitarian crisis," which a step above an economic emergency. He claims he is prioritizing paying Puerto Rico's police and teachers over Wall Street. "I had to make a choice. I decided that essential services for the 3.5 million American citizens in Puerto Rico came first," the governor said in a speech Sunday. This is the third time the island has defaulted on bond payments. The island paid the interest due Monday, but not the principal amount, resulting in a default of about $370 million, Puerto Rico's largest yet.
Also at NPR, The New Yorker , The Washington Post , The Atlantic , Reuters.
(Score: 2) by Capt. Obvious on Tuesday May 03 2016, @03:55PM
Congress better not bail them out. I want PR to declare bankruptcy and move on. The Supreme Court is ruling on whether that's a thing they can do.
But, seriously, the people who bought the debt for pennies on the dollar are vultures, and fuck them hard.
(Score: 1, Troll) by jmorris on Tuesday May 03 2016, @04:51PM
Agreed. Anyone who has bought a long term government bond in the last twenty years either knew it was a bad debt or was an utter idiot. There is no problem with the idea of allowing evolution to reap the unfit from my camp. We believe in markets and that means if you make a poor investing decision you lose. It is Obama and the Democrats who are terrified and ramming a bailout through with their "no credit limit" race card.
What happens the day after PR declares bankruptcy, "restructures its debt" at the point of a gun or whatever word they call a government renouncing legally binding contracts? The interest rate on every future government bond goes up, probably worldwide, and it doesn't come back down until general stability returns. Raise your hand if you think that is happening in your life? Yea. They don;t think do either, even the Dems understand they have reached the terminal stage of their can kicking game but, being generally slowwitted creatures of emotion vs reason, haven't a clue what to do at this point except attempt one more kick.
(Score: 2) by Azuma Hazuki on Tuesday May 03 2016, @09:25PM
And you were saying something about "projection" up above? Moron. If you think this kind of corruption and can-kicking is a uniquely Democrat or uniquely Republican thing, congrats, you are a useful idiot and the elite are being well-served by your deliberate stupidity.
Get A Clue. Buy A Vowel. The elite cross party lines, and they're LAUGHING at you and people like you who carry water for them.
I am "that girl" your mother warned you about...