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Puerto Rico heads towards debt default – Americas – Al Jazeera English
Puerto Rico heads towards debt default – Americas – Al Jazeera English. (source/link)Puerto Rico’s economy is shrinking at an alarming rate. Officially the unemployment rate in the US territory is 13 percent, but some economists say it is three times higher.
The island is $70bn in debt, it has lost nearly 200,000 skilled workers in the past two years and could be heading towards default.
The US government says it is monitoring the situation. But without financial aid or a bail-out, the three and half million people that still live in Puerto Rico could be facing an even bleaker future.
Al Jazeera’s Andy Gallacher reports from San Juan.
Guest Post: Puerto Rico’s Debt Crisis – Another Domino Keels Over | Zero Hedge
Guest Post: Puerto Rico’s Debt Crisis – Another Domino Keels Over | Zero Hedge. (FULL ARTICLE)
If one looks at various sovereign states, it seemingly doesn’t matter that their public debts continue to rise at a hefty clip. The largest ones are considered to have economies that are big and resilient enough to be able to support the growing debt load. Part of the calculus is no doubt the notion that they contain enough accumulated wealth to allow their governments to confiscate even more of their citizens property and income in order to make good on their debts.
Then there are the small and mid-sized states in the EU that are getting bailed out by their larger brethren, or rather, the tax payers of their larger brethren. However, things are different when the territories or municipalities concerned are considered too small and have no such back-up. Detroit was a recent case in point, and it seems that the US territory of Puerto Rico is the next domino to fall. Here is a recent price chart of the Puerto Rico 20 year bond maturing in 2033, which currently yields 10.6% and trades at 46 cents below par:…
- U.S. Treasury Not Planning Puerto Rico Aid, Spokeswoman Says (bloomberg.com)
- Puerto Rico Follows Detroit Into Fiscal Abyss (confoundedinterest.wordpress.com)
- Should Puerto Rico default on its sovereign debts? (priorprobability.com)
US Naval Update: There’s A Party In The Middle-East And All The Sailors Are Invited | Zero Hedge
US Naval Update: There’s A Party In The Middle-East And All The Sailors Are Invited | Zero Hedge.
- USS Nimitz arrives in Bahrain as embassies closed for security threat reopen (stripes.com)
- Georgia, U.S. hold naval exercises in Batumi (en.trend.az)
- Bahrain Concerns About Possible US Fifth Fleet Contingency Plan (wikileaks-forum.com)
- US navy makes history by landing unmanned drone on aircraft carrier (guardian.co.uk)
Cuba says inclusion on U.S. terrorist list ‘shameful’ | Top News | Reuters
Cuba says inclusion on U.S. terrorist list ‘shameful’ | Top News | Reuters.
- Cuba rejects continued inclusion on US terror list (thestate.com)
- Inclusion on US Terrorist List ‘shameful’: Cuba (worldbulletin.net)
- You: Cuba still on U.S. list of state sponsors of terrorism (latimes.com)
- Cuba says inclusion on US terror list ‘shameful’ (irishtimes.com)
- State Department: Havana provides safe haven to US fugitives (miamiherald.com)