Puerto Rico – Debt Crisis – Michelle Cummings
May 2, 2016 the Puerto Rican government defaulted on a $370 million dollar bond payment. Puerto Rico’s Governor Alejandro Garcia Padilla decided not to pay the debt so that essential services could continue. $2 billion is due July 1st. If PR couldn’t make the May payment good luck with that July payment.
Technically: Puerto Rico is not a part of the United States: Puerto Rico is a U.S. territory that belongs to the United States. However this possession is an “unincorporated territory”, which basically means yeah, no. The question is whether or not Puerto Rico is subject to the U.S. constitution.
Puerto Rico is supposed to be insured by the commonwealth, but PR will not get a bail out. Puerto Rico is not allowed to file for a court-arranged bankruptcy reorganization (like Detroit). Puerto Rico is a U. S. commonwealth, not a Sovereign nation like Greece which is why Greece qualified for emergency assistance from the International Monetary Fund and PR does not. Congress is their only hope to restructure their debt.
Strings Attached Option: Washington, DC offered to help financially if Puerto Rico gives DC a Board to oversee the activity. Sounds like code for structural adjustment policy/contingencies. But PR is in dire need of investment in social services. Does anyone know if the federal government has an obligation to provide PR with legislative assistance or financial restructuring aid?
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