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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (91255)	5/2/2016 1:55:45 AM
From: Snowshoe	Read Replies (2) \| Respond to of 218003

>>the debt shall burn<< Caribbean haircut time... Puerto Rico Will Default on Government Development Bank Debt bloomberg.com The Government Development Bank reached a tentative framework agreement with investors who hold $900 million of its debt late Sunday under which creditors would accept a potential haircut, leaving them 47 cents on the dollar of the face value of their original securities, the bank said in a statement. The parties agreed to keep discussions out of court while they negotiate. ***** Puerto Rico racked up $70 billion of debt across more than a dozen issuers as it borrowed to paper over budget deficits. Garcia Padilla said 10 months ago that the obligations were unpayable. Yet, up until now, the commonwealth only missed $143 million of payments on appropriation bonds from the Public Finance Corp. and rum-tax securities from the Infrastructure Financing Authority. The development bank, in contrast to those borrowers, is a prominent, visible and well-known Puerto Rico entity. It’s the fiscal agent of the commonwealth, lending to the island government and localities. For the past few weeks it has operated under a state of emergency to preserve cash.