Categoría: Economy

APPR comparte datos de desarrollo económico con candidatos a la gobernación

APPR comparte datos de desarrollo económico con candidatos a la gobernación

La Asociación Productos de Puerto Rico (APPR) culminó el lunes la serie de reuniones coordinadas individualmente con cada uno de los seis candidatos a la gobernación como parte de un esfuerzo para la presentación y entrega de información exclusiva sobre el desarrollo económico de Puerto Rico

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Puerto Rico Declares Emergency Period for Development Bank

Puerto Rico Declares Emergency Period for Development Bank

Puerto Rico Governor Alejandro Garcia Padilla signed an executive order declaring an emergency period for its Government Development Bank to help keep it operating, while declining to halt or suspend its debt obligations.

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Puerto Rico Bonds Crash After “Moratorium” Raises Default Risk

Puerto Rico Bonds Crash After “Moratorium” Raises Default Risk

Just a day after Governor Alejandro Garcia Padilla signed a law that enables him to temporary halt debt payments, dramatically raising the risk of widespread defaults, Puerto Rico securities had the biggest one-day drop in more than eight months.

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Puerto Rico’s Development Bank on Brink as Debt Gambit Goes Bad

Puerto Rico’s Development Bank on Brink as Debt Gambit Goes Bad

Puerto Rico’s Government Development Bank, which was set up after the Great Depression to chart a course out of poverty, is on the verge of a collapse that would deepen the Caribbean island’s $70 billion debt crisis.

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Creditors sue to block Puerto Rico development bank withdrawals

Creditors sue to block Puerto Rico development bank withdrawals

Creditors of Puerto Rico’s Government Development Bank on Monday sued to stop it from distributing money to creditors in what they call “preferential transfers” ahead of the GDB’s May 1 debt payment that Puerto Rico’s governor says may not be payable.

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Hedge Funds Sue Puerto Rico Bank Facing Liquidity Crunch

Hedge Funds Sue Puerto Rico Bank Facing Liquidity Crunch

A group of hedge funds that say they hold a significant amount of Puerto Rico debt sued the island’s troubled Government Development Bank on Monday, a move that raises concerns about the future of an institution that issues loans and oversees the U.S. territory’s debt transactions.

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A half-baked plan for Puerto Rico

A half-baked plan for Puerto Rico

House Republicans should be applauded for recognizing that Puerto Rico needs to restructure its $72 billion debt mountain. They should also be complimented for insisting that an undisciplined Puerto Rican government needs to have a control board imposed upon it, especially if it is unable to balance its budget on its own. However,

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House Republicans Float Proposal to Fix Puerto Rico’s Budget Mess

House Republicans Float Proposal to Fix Puerto Rico’s Budget Mess

House Republicans released draft legislation Tuesday designed to help Puerto Rico weather a fiscal storm through comprehensive audits of the protectorate’s finances and restructuring of its debts.

Released as a “discussion draft” by Natural Resources Chairman Rob Bishop, R-Utah, the bill addresses Puerto Rico’s ballooning $70 billion debt.

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No bankruptcy for Puerto Rico

No bankruptcy for Puerto Rico

Puerto Rico is facing a financial crisis because its economy is not growing, and financial and economic reforms are needed to change the situation. Years of corrupt and inefficient state-run enterprises, combined with a taxation and regulatory structure that stifles economic activity, have led to a stagnant economy in this U.S. territory.

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Ahead of Primaries, Experts Promote Option to Tackle Puerto Rico Debt

Ahead of Primaries, Experts Promote Option to Tackle Puerto Rico Debt

As Congress and Puerto Rico’s government struggle to arrive at a sustainable path to the island’s fiscal and economic recovery, a group believes it has come up with a viable solution that provides a fiscal oversight framework that is not unilaterally imposed by Congress.

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Puerto Rico needs reform, not bailout

Puerto Rico needs reform, not bailout

Years of fiscal irresponsibility have caught up to Puerto Rico. Its government has long lived beyond its means and today the bills are coming due, but the island’s economy has also been hampered by costly local and federal mandates. Rather than reward Puerto Rico’s spend-happy politicians with a bailout as legislators are currently contemplating, Congress should remove impediments to economic growth so that the island can prosper.

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Puerto Rico’s Growing Financial Crisis Threatens Health Care, Too

Puerto Rico’s Growing Financial Crisis Threatens Health Care, Too

San Jorge Children’s Hospital is Puerto Rico’s largest pediatric hospital, drawing patients from throughout the Caribbean. It’s a bustling facility in San Juan, with specialties in surgery, rheumatology and oncology. It also has brightly colored live parrots at every entrance.

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Isaac: Chapter 9 offers Puerto Rico a path to solvency

Isaac: Chapter 9 offers Puerto Rico a path to solvency

This week, Puerto Rico faces another critical juncture in its debt crisis, as the House will devote simultaneous hearings to the island’s fiscal situation on Thursday. I will appear alongside a panel of other witnesses at the hearing before the House Financial Services’ Oversight and Investigations subcommittee, while Treasury

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Puerto Rico may issue delayed audited 2014 statements in April

Puerto Rico may issue delayed audited 2014 statements in April

Puerto Rico’s much-delayed audited financial statements for 2014 are expected to be finished and issued by April, the U.S. territory’s governor said in a letter to U.S. House of Representatives Speaker Paul Ryan on Monday.

The delay in completing the statements is due to the “complexities posed by our current financial crisis,” Governor Alejandro Garcia Padilla said in the letter, emailed by a representative for the commonwealth.

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Puerto Rico’s House of Representatives Passes Bill to Restructure $9 Billion in Debt

Puerto Rico’s House of Representatives Passes Bill to Restructure $9 Billion in Debt

THE NEW YORK TIMES – A plan to restructure about $9 billion of Puerto Rico’s debt, hailed as a model for the rest of the island’s debt-laden government, moved toward the desk of Gov. Alejandro García Padilla to be signed into law on Tuesday, after winning approval by Puerto Rico’s House of Representatives. The Puerto Rico Senate, which approved a similar […]

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Puerto Rico, in deep economic slump, tells investors: come to island

Puerto Rico, in deep economic slump, tells investors: come to island

Puerto Rico’s government has a message for wealthy investors: come to the island – despite the deepening economic crisis.

Officials hosted a meeting Thursday aimed at luring hundreds of investors with local tax incentives that they hope could help lift the U.S. territory out it’s nine-year economic slump.

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Puerto Rico pushes tax incentives for wealthy amid crisis

Puerto Rico pushes tax incentives for wealthy amid crisis

Puerto Rico’s government is trying to convince hundreds of wealthy investors to move to the U.S. territory, hoping they could help lift it out of a deepening economic crisis.

Officials hosted a meeting for investors on Thursday to promote local tax incentives aimed at luring the wealthy. Speakers include former New York City Mayor Rudy Giuliani and New York hedge fund billionaire John Paulson, who recently bought some of Puerto Rico’s most upscale resorts as the island struggles to emerge from a nine-year economic slump.

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Hatch blasts Obama’s Puerto Rico proposals

Hatch blasts Obama’s Puerto Rico proposals

Senate Finance Committee Chairman Orrin Hatch (R-Utah) on Wednesday blasted the White House’s proposals to restructure Puerto Rico’s debt.

“I do not believe the administration has been straightforward about the nature of the debt-restructuring authority it is seeking for the territory,” Hatch said at a hearing on the Obama budget released a day earlier.

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Bankruptcy is wrong for Puerto Rico

Bankruptcy is wrong for Puerto Rico

Treasury Secretary Jack Lew recently visited Puerto Rico in an effort to show the administration’s support for the beleaguered territory. Lew’s comments on his trip to San Juan and his January 15 letter to House Speaker Paul Ryan (R-Wis.) make it clear that when it comes to Puerto Rico, the administration largely equates “support” with “bankruptcy.”

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Steps for Fixing Puerto Rico’s Fiscal Problems

Steps for Fixing Puerto Rico’s Fiscal Problems

As both parties now agree, the federal government must respond in the coming months to Puerto Rico’s economic and fiscal challenges — most immediately, the $70 billion or so that Puerto Rico owes creditors and on which its government says it must default unless the debt is restructured. Policymakers must address this threat, but they should go further and also implement health and tax policy changes that would prove important pieces of any long-term solution to Puerto Rico’s problems.

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Puerto Rico’s debt trap

Puerto Rico’s debt trap

The Caribbean island of Puerto Rico — the largest United States “territory” — is broke, and a human calamity is unfolding there.
Unless a constructive course of political action is found in 2016, Puerto Rican migration to the 50 states will rival the scale of the 1930s Dust Bowl exodus from Oklahoma, Arkansas and other climate-devastated states.

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Puerto Rico pitches law overhauling $49B of debt

Puerto Rico pitches law overhauling $49B of debt

Puerto Rico and its top advisers made their case on Friday in Washington for a law that would allow broad restructuring of the island’s multibillion-dollar debt, saying that if Congress did not act soon, major defaults were likely this spring.

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Puerto Rican Officials Warn Congress of Major Defaults Without Restructuring By MARY WILLIAMS WALSHFEB. 5, 2016

Puerto Rican Officials Warn Congress of Major Defaults Without Restructuring By MARY WILLIAMS WALSHFEB. 5, 2016

Puerto Rico and its top advisers made their case in Washington on Friday for a law that would allow broad restructuring of the island’s multibillion-dollar debt, saying that if Congress did not act soon, major defaults were likely this spring.

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Richard Ravitch under fire for signing on to help Puerto Rico

Richard Ravitch under fire for signing on to help Puerto Rico

Richard Ravitch — the go-to guy for cash-strapped municipalities — is taking some heat for volunteering to help Puerto Rico recover from its debt crisis.

Ravitch, who helped save New York in the 1970s and more recently Detroit from total financial ruin, is advising the troubled Caribbean island on a pro-bono basis. In December, he told a Senate committee that the teetering US territory should get congressional authority to declare bankruptcy.

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A Warning on Bankruptcy in Puerto Rico’s Debt Crisis

A Warning on Bankruptcy in Puerto Rico’s Debt Crisis

Puerto Rico’s financial troubles are so complex and far-reaching that bankruptcy alone will not solve them, and might even make them worse, experts on financial distress told lawmakers in Washington on Tuesday.

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