Puerto Rico will default on portion of $1B in bonds due Monday: Officials

[Eugene]

Source: CNBC

Puerto Rico will default on a portion of the nearly $1 billion in debt obligations due to its bondholders on Jan. 4.

Top officials for the commonwealth have confirmed that it will not be able to make two out of the 13 total payments due Monday to bondholders. Puerto Rico will default on a $35.9 million payment on the Puerto Rico Infrastructure Financing Authority, and a $1.4 million payment on the Puerto Rico Public Finance Corporation.

The remaining bonds will be paid, including $29 million due to general obligation bondholders, in which half of the payment, $163 million, is from the revenues clawed back from the Highways & Transportation Authority, the Infrastructure Financing Authority and the Convention Center District Authority bonds.

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Read more: http://www.cnbc.com/2015/12/30/puerto-rico-will-default-on-small-portion-of-the-1b-in-bonds-due-monday-officials.html

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Dawn Giel
10 Mins Ago

[jamzrockz]

1. Hmm, didn't think that was possible

Luck for the US, we don't ever have to deal with going into default cos we can just print the money. Which makes me wonder why we even bother with borrowing when we can just print the money.

Sadly this is one topic we are told doesn't need discussing cos its right wing. We continue this path and it is programs like SS and Medicare that would suffer and never the military.

[Sam_Fields]

2. The Puerto Rico Commonwealth should dissolve then the debt will go the US government

After all it was the US government that caused this debacle.

[NobodyHere]

3. How did the US government cause this debacle?

[Sam_Fields]

4. Who owns the Puerto Rico territory? If the commonwealth dissolves the US government is responsible.

Puerto Rico is not a State.

[NobodyHere]

5. That doesn't answer the question

[trillion]

7. Our congress is currently governing them with laws like they aren't allowed to file bankruptcy.

Puerto Rico also can't re-negotiate any of our debt because our Congress voted against allowing them to. We are literally making the laws they have to live with yet won't let them vote in our elections. Our congress put in the laws for the rich to take the resources and for the Puerto Rican government not to be able to reclaim them or adequately tax the rich. Our Senate really did cause Puerto Rico's situation. This started over 50 years ago when the US acquired Puerto Rico and started raiding it and making laws to oppress them. They aren't allowed to even raise the wages there so people can live adequately and it's far worse than here. You know all products and rent goes up but not wages in any relative way? It's way worse in Puerto Rico because at least the US does raise the minimum wage sometimes. See my other post to you.

[trillion]

6. Oh man. Okay, there's this site called democracynow.org. They're a daily 1 hour web tv

show that's world wide and world renown. They explain how the US caused this over and over again.
They will absolutely go into detail about this on Monday when Puerto Rico defaults.
Perhaps you should start checking out that news hour or at least first 10 mins of world news each day as it's super informative on current events the regular news won't cover. After the first 10 mins of world events they focus on a subject to interview people on. They have back shows that go back years on their site to so you can watch any show.