20310
Puerto Rico Bankrupt
World Economy

Puerto Rico Bankrupt

Puerto Rico’s governor called for the commonwealth to be allowed to restructure its debts under US bankruptcy code, while a newly appointed adviser to the US territory said it is “insolvent” and will soon run out of cash, GMA News reported. Governor Alejandro Garcia Padilla, in a televised address, said sacrifice must be shared by bondholders, as he called for Washington to allow a bankruptcy debt restructuring. The Caribbean island is struggling to relieve a $73 billion debt burden. It came to a crunch point on Monday–ironically at the same time as did debt-laden Greece–after a dire report on its stability by former International Monetary Fund economists was released ahead of key deadlines on Wednesday to repay debt. Steven Rhodes, the retired US bankruptcy judge who oversaw Detroit’s historic bankruptcy and has now been retained by Puerto Rico to help solve its problems, gave a blunt assessment on Monday. Puerto Rico “urgently needs our help,” Rhodes said. “It can no longer pay its debts, it will soon run out of cash to operate, its residents and businesses will suffer,” he added.
 

 

Short URL : http://goo.gl/N3ab8c

You can also read ...

Profits of Thai Banks Fall
Thailand’s top four banks produced aggregate net profit of 37....
Crisis in Madagascar as Vanilla Price Soars
Vanilla is one of the world’s most popular seasonings and an...
Argentina’s Treasury Minister Nicolas Dujovne (L), accompanied by Argentina’s Central Bank Governor Federico Sturzenegger speak at a news conference after the G20 meeting on Friday.
Finance leaders from the Group of 20 major economies agreed...
World Debt Load $164 Trillion : Debt, Protectionism Biggest Threats to Global Growth
The biggest threats to global economic growth are government...
In Emerging, Developing Countries : ILO: Over 700 Million Workers Living in Poverty
There were more than 700 million workers living in poverty in...
Vietnam Still Facing Structural Risks
Despite the generally favorable medium-term outlook, there are...
Euroland Progress Linked to Global Growth, Open Trade
The eurozone’s economy needs strong global growth and open...
 LATAM Airlines Reject New Contract Offer
A union of flight attendants for LATAM Airlines subsidiary LAN...

Trending

Googleplus