I don't think there is going to be any choice in the matter.
They have closer to 0 economic activity, the island has many inhabitable dwelling with no power, etc. etc.
How can they restructure debt with apocalyptic damage to the country/economy?
Trump calls for CANCELLING the huge self-inflicted debt of Puerto Rico
- Thread starter Text Drivers are Killers
- Start date
They have closer to 0 economic activity, the island has many inhabitable dwelling with no power, etc. etc.
How can they restructure debt with apocalyptic damage to the country/economy?
Text Drivers are Killers
Joe Biden - "Time to put Trump in the bullseye."
Apocalyptic??? HAHAHA. You've been brainwashed by the press. The damage to PR has been greatly exaggerated by the press to get them a bailout.
FUCK THE POLICE
911 EVERY DAY
Puerto Rico doesn't need its debt wiped out right now, it needs direct aid. The debt issue can be negotiated later.
sure. no power/flooding/destroyed housing/little economic activity....these are just an imagination -huh?
point is I don't think it can be restructured..they can't pay there way now, and the island's economy is wasted
Text Drivers are Killers
Joe Biden - "Time to put Trump in the bullseye."
Direct aid?? Why should we help a territory that is exempt from the federal income tax.?
Text Drivers are Killers
Joe Biden - "Time to put Trump in the bullseye."
PR is like detroit and baltimore and all of africa. Another sewer run by illiterate totally corrupt non-whites.
Maybe you can go down there & help?? They are probably in need of a semi-great white savior such as yourself...
You might even get a trailer upgrade to one of those FEMA models w/ all the comforts of home..
You can use your friends here @ JPP for a reference if you need to.....
You might even get a trailer upgrade to one of those FEMA models w/ all the comforts of home..
You can use your friends here @ JPP for a reference if you need to.....
uerto Rico's economic decline began before the Great Recession, in part due to the loss of a tax credit for companies that set up manufacturing on the island. Those credits expired in 2006.
Since then, the drop in employment continues to drive the out-migration as unemployment remains stubbornly high at 12.6 percent—more than twice the U.S. average rate of 5.3 percent, as of June.
The departure of younger workers has left the territory with an older, poorer population, further straining the government's social services. It's also left the local economy with fewer active workers; as of June, just 40 percent of Puerto Rico's population was officially counted as part of the labor force. (The U.S. state average in June was 62.6 percent.)
Some of those missing from the workforce are part of the local "informal" economy that employs "a large segment of the population" and allows "workers and firms to avoid many of the taxes and other costs associated with formal employment," according a report last year by the New York Federal Reserve. Because that work is conducted off the books, it's difficult to know just how much tax is lost, but the New York Fed report put the informal economy at roughly a quarter of Puerto Rico's gross domestic product.
With its job base shrinking, and sales and income taxes lost to an underground economy, the government has financed its budget shortfalls with borrowed money, adding to a crushing debt burden. As a share of GDP, Puerto Rico's $72 billion in debt has swollen its public borrowing from 60 percent of GDP in 2000 to more than 100 percent as of 2013, according to the New York Fed.
https://www.cnbc.com/2015/08/04/heres-why-puerto-ricos-broke.html
Since then, the drop in employment continues to drive the out-migration as unemployment remains stubbornly high at 12.6 percent—more than twice the U.S. average rate of 5.3 percent, as of June.
The departure of younger workers has left the territory with an older, poorer population, further straining the government's social services. It's also left the local economy with fewer active workers; as of June, just 40 percent of Puerto Rico's population was officially counted as part of the labor force. (The U.S. state average in June was 62.6 percent.)
Some of those missing from the workforce are part of the local "informal" economy that employs "a large segment of the population" and allows "workers and firms to avoid many of the taxes and other costs associated with formal employment," according a report last year by the New York Federal Reserve. Because that work is conducted off the books, it's difficult to know just how much tax is lost, but the New York Fed report put the informal economy at roughly a quarter of Puerto Rico's gross domestic product.
With its job base shrinking, and sales and income taxes lost to an underground economy, the government has financed its budget shortfalls with borrowed money, adding to a crushing debt burden. As a share of GDP, Puerto Rico's $72 billion in debt has swollen its public borrowing from 60 percent of GDP in 2000 to more than 100 percent as of 2013, according to the New York Fed.
https://www.cnbc.com/2015/08/04/heres-why-puerto-ricos-broke.html
Political Support Growing to Wipe Out Puerto Rico’s Wall Street Debt
https://theintercept.com/2017/10/07/puerto-rico-debt-donald-trump-bernie-sanders/
underneath the doomsday talk is a simpler reality: A federal judge is currently overseeing a case that could very easily result in Puerto Rico’s debt being entirely or almost entirely wiped out. Before the storm, the judge had already agreed to write down 79 percent of it.
And thanks to Trump’s comments, which sent Puerto Rican bond prices crashing, hedge funds that own the debt might be lucky to get anything at all. “Now, thanks to President Trump, a court restructuring, where recoveries are up for grabs, suddenly looks positively calming by comparison,” offered Bloomberg.
https://theintercept.com/2017/10/07/puerto-rico-debt-donald-trump-bernie-sanders/
underneath the doomsday talk is a simpler reality: A federal judge is currently overseeing a case that could very easily result in Puerto Rico’s debt being entirely or almost entirely wiped out. Before the storm, the judge had already agreed to write down 79 percent of it.
And thanks to Trump’s comments, which sent Puerto Rican bond prices crashing, hedge funds that own the debt might be lucky to get anything at all. “Now, thanks to President Trump, a court restructuring, where recoveries are up for grabs, suddenly looks positively calming by comparison,” offered Bloomberg.