Puerto Rico lawmakers approve $4 billion loan
Puerto Rico News
SAN JUAN, Puerto Rico: Without holding public hearings on legislative measures that will affect Puerto Rico’s economic future, the Legislature approved Tuesday night four bills, including a $4 billion loan to pay for public expenses, such as government worker’s payroll and to finance an economic stimulus package.
Source: Caribbean Net News Daily Headlines: Puerto Rico
Puerto Rico just went into default for the first time.
The commonwealth didn't pay $58 million in debt due today to creditors of its Public Finance Corporation. The debt is mostly owned by ordinary Puerto Ricans through credit unions.
The island is struggling with about $70 billion in total outstanding debt, and its economy is in recession. Ref. CNN
Puerto Rico faces $28bn shortfall:
The highly anticipated report, delivered to Governor Alejandro Garcia Padilla on Tuesday, showed that economic reforms and budget cuts would not be enough on its own to keep the commonwealth from running a deficit through at least 2020. Ref. Source 4z
How do they expect the States to take them seriously when they ask for independence and can't even take care of their own finances?
Puerto Rico to default on debt payment after talks fail:
Puerto Rico has halted a $422m…
Senate passes Puerto Rico financial rescue bill
President Obama is expected to sign the bill into law before Friday, when Puerto Rico was expected to default on $2 billion in debt payments. Ref. USAToday.
Puerto Rico Declares a Form of Bankruptcy;
The governor of Puerto Rico, Ricardo Rosselló, said he would move the island's debt crisis into federal bankruptcy court, making it the largest government to seek refuge from its creditors in United States history. Ref. Source 5j.