The newly elected governor of Puerto Rico is in discussions to hire Lewandowski’s lobbying firm, at a time when the island’s creditors are hoping that the incoming Trump administration will be more sympathetic to them than the Obama administration has been.
The board was created under the federal law known as PROMESA, passed earlier this year, which will bring Puerto Rico’s finances under federal oversight and give it the authority to restructure some of its $70 billion in debt.
The Centers for Disease Control estimates that a full quarter of Puerto Rico’s residents will be infected with the Zika virus by the end of 2016. That dire warning was initially made in June, as health officials noted the disease was spreading at previously unexpected speeds.
Investors in Puerto Rico‘s debt-burdened economy still face risks of default on some of the island’s $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack Obama says he will quickly sign the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) before the U.S. territory […]
Supporters hope to get it enacted into law before July 1, when Puerto Rico faces a deadline for making a $1.9 billion debt payment that it might not be able to fulfill.
Most Democrats back a bill to passed by the House of Representatives to address the Puerto Rican debt crisis, but Sen. Bernie Sanders is asking for more. The bill, spearheaded by Speaker of the House Paul Ryan and endorsed by the Obama administration, would institute a federal oversight board, with members chosen by the White House and Congress, to renegotiate Puerto Rico’s debt.
With dozens of storefronts shuttered, bearing signs that read “se vende” — “for sale” — the marks of Puerto Rico’s ongoing debt crisis are made visible throughout the main city of Old San Juan. As the cash-strapped U.S. territory missed most of another debt payment earlier this month, it has had to contend with another crisis: namely, the Zika virus.
U.S. lawmakers on Thursday began coalescing around revised bipartisan legislation to help address Puerto Rico’s unpayable debt burden that now threatens a full-blown humanitarian crisis. Released close to midnight on Thursday, the House Natural Resources Committee’s revised bill includes a strong oversight board to direct how and when the island pays its bills and leaves […]
In February 2014, Puerto Rico’s bonds were declared junk by Standard & Poor’s — that’s the technical term. The following month, the territory sold $3.5 billion of them, mostly to U.S. hedge funds. It was the final deal in a selling frenzy: $126.6 billion worth of bonds were issued by the central government, various utility companies and other agencies, and the island’s sales tax-based finance corporation. Wall Street netted an estimated $900 million in underwriting fees.
The establishment “lane” has gone to Marco Rubio. That lane has become far more radical, and far more in sync with financial wealth, than anyone should have expected a year ago.
Washington Republicans are lining up to make sure that the American taxpayer foots the bill for Puerto Rico’s debt crisis — and not the private speculators who made risky investments. Funny how fast these “fiscal conservatives” forget their distaste for bailouts when their Wall Street benefactors come knocking.
By Marc Caputo and Adam C. Smith, The Miami Herald MIAMI — In a move that would have been unthinkable for any statewide Florida candidate just a few years ago, Charlie Crist is planning to visit Cuba this summer. Nothing is final, but the Democratic candidate for governor is eager to learn more about Cuba as […]
President Obama visits Puerto Rico next week–it’s the first time since Kennedy that a president will make an official stop–and while the trip will deal with local issues, it can also be seen as something of a 2012 campaign stop in Florida, which has seen a big jump in immigrants from the island territory in […]