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Related: About this forumIn Shock to Wall Street & Washington, Puerto Rico Moves to Suspend Payments on $72B Public Debt
http://www.democracynow.org/2016/4/6/in_shock_to_wall_street_washingtonThe Puerto Rican Senate and the House of Representatives have both passed an emergency declaration authorizing the governor to suspend payments on $72 billion in public debtsetting up a dramatic showdown between Puerto Rico and hedge funds amid the islands historic debt crisis. The bill authorizes the Puerto Rican governor to "protect the health, security and public welfare ... [by] using government funds first and foremost for public services." The dramatic move comes one day after a group of hedge funds sued to freeze the assets of Puerto Ricos Government Development Bank in efforts to stop the bank from spending money on the island that the hedge funds want to go toward upcoming debt payments.
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In Shock to Wall Street & Washington, Puerto Rico Moves to Suspend Payments on $72B Public Debt (Original Post)
eridani
Apr 2016
OP
elleng
(130,964 posts)1. "protect the health, security and public welfare ... using government funds first and foremost
for public services."
Sounds good to me.
JonLeibowitz
(6,282 posts)2. +1. I fully agree elleng.
Moliere
(285 posts)4. Isn't that what Iceland did in '08?
Then they arrested bankers.
progree
(10,908 posts)5. That was a shock? I've been hearing for about a year that it is an impossible situation