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BREAKING Puerto Rico Will Declare Bankruptcy Tomorrow (Sort Of) & the Legal Nightmare
05-02-2016, 12:52 AM (This post was last modified: 05-02-2016 03:47 AM by Thinker.)
Post: #1
BREAKING Puerto Rico Will Declare Bankruptcy Tomorrow (Sort Of) & the Legal Nightmare
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Puerto Rico will default on a bond payment tomorrow. The governor has declared a debt moratorium for the island's Govt. Development Bank. The debt moratorium is being declared rather than a bankruptcy because the island is not allowed to technically file bankruptcy.

Politifact explains the fascinating history that prevents from Puerto Rico declaring bankruptcy : Mystery surrounds whether, back in 1984, the former senator from South Carolina knowingly deprived Puerto Rico of bankruptcy protections that every U.S. state enjoys.

It’s crunch time for Puerto Rico. The island territory needs to pay bondholders $422 million on May 1. It doesn’t have the cash, it can’t use bankruptcy to reschedule its payments, and Congress seems unlikely to craft a solution in time to avoid a massive default...

In a 2015 ruling, the judges of the 1st Circuit Court of Appeals provided some very helpful background. In March 1984, the House passed its version of a bankruptcy bill. That version did not have the Puerto Rico exemption.

Then on May 21, 1984, the judges wrote that Thurmond introduced the package of changes that included the text at the center of this controversy. "On the day that he introduced the amendment:
http://www.economicpolicyjournal.com/201...clare.html

In Shock to Wall Street & Washington, Puerto Rico Moves to Suspend Payments on $72B Public Debt

Governments and bankers - Are there any that that have had any success? Puerto Rican President Acevedo pleads not guilty to US corruption charges

Thinker, proud member of Realist News since Nov 2013.
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