Right Side News
After a long debate over whether or not remedy the debt crisis in Puerto Rico with bankruptcy, the pro-reform side appeared to have won. While the Obama White House has pushed strongly for bankruptcy, Congressional leaders instead pushed as equally strong for key reforms in the government and economic sectors in the Commonwealth. The result […]
PROMESA provides for reforms for Puerto Rico Debt Crisis[/caption] The U.S. territory of Puerto Rico finds itself facing more than $118 billion in debt from bonds and unfunded pension liabilities. The government has been unable to manage this debt and has already begun defaulting on its repayment. As a result, Congress has debated how it […]
Congress will decide soon if Puerto Rico gets Chapter 9 bankruptcy[/caption] Puerto Rico has racked up more than $70 billion in public debt, and its governor announced it will default on a $420 million bond payment due today. The governor of Puerto Rico, as well as President Barack Obama and many Democrat politicians in Washington […]
Puerto Rico bailout will benefit Obama administration cronies[/caption] If the bailout and super Chapter 9 bankruptcy plan for Puerto Rico that the Obama administration supports prevails, rather than the House bill, several Obama cronies will benefit financially. They could stand to make more than $100 million if the bailout/bankruptcy plan is implemented. MillCo Advisors, headed […]
Obama Administration seeks bankruptcy for Puerto Rico financial crisis[/caption] The financial crisis in Puerto Rico has attracted the attention of both Congress and the Obama White House. Treasury Secretary Jacob Lew has written to leaders in Congress urging them to pass a package of bailouts and bankruptcy protection for the Commonwealth of Puerto Rico. In […]